Image source: T&D India

Resurgent Power completes acquisition of SE UP Power Transmission

India, Allahabad: Resurgent Power Ventures Pvt Ltd has announced the acquisition of South East UP Power Transmission Company Ltd (SEUPPTCL).

The development is pursuant to the letter of intent issued by a resolution professional of SEUPPTCL, and approval of the Resolution Plan by National Company Law Tribunal (NCLT), Allahabad, vide order of 15 June 2022.

The transaction was part of a stressed asset resolution process run by the resolution professional under the supervision of the company’s Committee of Creditors through a competitive bidding process, under the Insolvency and Bankruptcy Code, 2016.

Speaking on the development, Dr. Praveer Sinha, CEO and MD of Tata Power said “In line with our aspiration to expand our transmission business, Tata Power has partnered with ICICI Bank and other global investors in Resurgent Power, which had bid for acquiring SEUPPTCL under corporate insolvency resolution process. We are delighted to have completed the acquisition, allowing all creditors to maximize the recovery from this project. This asset fits our overall strategy to maximize shareholder value through growth and sound investments. This asset will add further value to and diversify the Resurgent Power portfolio.”

 

Source: T&D India