Resurgent Power agrees to acquire majority stakes in Prayagraj Power Generation project
Resurgent Power Ventures Pte Ltd has signed an agreement with State Bank of India-led consortium of lenders to acquire 75.01% stake in Jaiprakash Associates Ltd’s 1980 MW)Prayagraj Power Generation Co. Ltd.
Renascent Power Ventures Private Limited (Renascent Power), a wholly owned subsidiary of Resurgent Power Ventures Pte Ltd (Resurgent Power) is backed by Tata Power Co. Ltd and ICICI Venture Funds Management Co. Ltd. The platform is also supported by Canada’s Caisse de dépôt et placement du Québec (CDPQ), Kuwait Investment Authority and Oman’s State General Reserve Fund.
The 1980 MW Prayagraj Power Generation plant is located in Uttar Pradesh, India and consists of three 660 MW supercritical coal-based power generating units.
Resurgent Power has submitted INR60 billion (US$838.80 million) bid for the deal and offered 14% equity stake to the lenders in Prayagraj after the acquisition. It had also agreed to settle the tax dues. As on 31 October 2017, Prayagraj’s total debt stood at INR110.86 billion (US$1.55 billion).
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