Tata Power JV Resurgent Power wraps up Rs 65bn acquisition of SEUPPTCL
Tata Power said that Resurgent Power Ventures has wrapped up the previously announced INR 6,500 crores acquisition of South East UP Power Transmission Company Limited (SEUPPTCL), the holding company for a nearly 1,500km long transmission line.
Resurgent Power Ventures is a Singapore-based joint venture between Tata Power and ICICI Venture and other investors. Through its fully-owned subsidiary Tata Power International, Tata Power has a 26% stake in Resurgent Power Ventures.
SEUPPTCL was founded in 2009 as a special purpose vehicle (SPV) by UP Power Transmission Company Limited (UPPTCL) for implementing and operating the intra-state transmission system for a 35-year period under public private partnership model on Build-Own Operate-Maintain & Transfer (BOOT) basis.
The SPV also owns five substations in the Indian state of Uttar Pradesh.
Tata Power JV Resurgent Power wraps up Rs 65bn acquisition of South East UP Power Transmission Company Limited. Photo courtesy of Andrew Martin from Pixabay.
Praveer Sinha — Tata Power CEO & MD said: “In line with our aspiration to expand our transmission business, Tata Power has partnered with ICICI and other global investors in Resurgent Power, that 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 & sound investments.
“After successful turnaround of Prayagraj Power and acquisition of NRSS XXXVI, this asset will add further value to and diversify the Resurgent Power portfolio.”