Renascent Power acquires 75.01% stake in Prayagraj Power Generation Company
Renascent is a wholly-owned subsidiary of Resurgent Power Ventures
Renascent Power Ventures has acquired 75.01% equity stake and 27,00,00,000 preference shares of Rs 10/- each of Prayagraj Power Generation Company.
Renascent is a wholly-owned subsidiary of Resurgent Power Ventures--a joint venture between Tata Power International, ICICI Ventures and other reputed global investors--set up to acquire assets in the Indian power sector. Tata Power International, 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 (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.