Change in shareholding of Resurgent Power Ventures Pte Ltd (Resurgent Power)
Deepthi | Myequity news | Date : 14-01-2019 17:20:00 IST
Tata Power, India’s largest integrated power company, announced that the shareholding of Resurgent Power Ventures Pte Ltd, Singapore has undergone a change with Power Platform Limited (a wholly owned subsidiary of State General Reserve Fund, Oman) and Kuwait Investment Authority together buying out the shares of CDP Groupe Infrastructures Inc. (a wholly-owned subsidiary of Caisse de dépôt et placement du Québec).
Resurgent Power is a joint venture based out of Singapore and is held 26% by Tata Power through its wholly- owned Singapore based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank, Power Platform Limited and Kuwait Investment Authority.
Resurgent Power has recently signed a Share Purchase Agreement for acquiring 75.01% shares in Prayagraj Power Generation Corporation Limited (PPGCL), a 3X660 MW coal-based power project in Uttar Pradesh. The transaction has received approval from the Competition Commission of India and the transaction closure is currently in progress.
Speaking on this development, Mr. Praveer Sinha, CEO & MD, Tata Power
, said, “Resurgent Power has undergone an internal restructuring. The shareholding of Tata Power’s wholly owned subsidiary in Resurgent Power however remains the same despite this internal restructuring. Resurgent Power will complete the Prayagraj acquisition and continue to evaluate other assets for acquisition as per the investment thesis of Resurgent Power.”
About Tata Power:
Tata Power is India’s largest integrated power company and, together with its subsidiaries & jointly controlled entities, has an installed capacity of 10757 MW. A pioneer in the field, it has a presence across the entire power value chain: Generation of renewable as well as conventional power including hydro and thermal energy; transmission & distribution, trading and coal & freight logistics.