INDIA: Renascent Power Ventures Private Limited has acquired the 75.01% equity stake and 27,00,00,000 preference shares of Rs 10/- each of Prayagraj Power Generation Company Ltd.
Renascent is a wholly-owned subsidiary of Resurgent Power Ventures Pte Limited–a joint venture between Tata Power International Pte Ltd, ICICI Ventures and other reputed global investors–set up to acquire assets in the Indian power sector. Tata Power International Pte Ltd, a wholly-owned subsidiary of Tata Power, owns 26% stake in Resurgent Power and the balance 74% is held by ICICI Bank and other global investors.
In November 2018, Renascent had signed a Share Purchase Agreement (SPA) with a consortium of lenders led by State Bank of India (SBI) to acquire 75.01% stake in Prayagraj Power Generation Company Limited (PPGCL), which owns and operates a 1,980 MW supercritical power plant in the state of Uttar Pradesh.
This transaction is the result of stressed asset resolution process initiated by the lenders through a competitive bidding process.
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