APTEL okays acquisition of Prayagraj power project by Tata Power JV
The Appellate Tribunal For Electricity (APTEL) has approved transfer of ownership of Prayagraj Power Generation Company Limited (PPGCL) to Resurgent Power Ventures Pte Ltd, but without any reduction of adopted tariff.
Resurgent is a joint venture between Tata Power International Pte Ltd, ICICI Bank, Kuwait Investment Authority and State General Reserve Fund of Oman set up to acquire assets in the Indian power sector.
Prayagraj Power owns and operates a 1,980-MW (3X660MW) coal-based thermal power project in Uttar Pradesh and had become an NPA due to financial and operational stresses.
Resurgent was selected as the successful bidder in resolving this stressed asset and had signed a Share Purchase Agreement with the lenders for acquisition of 75 per cent shares of PPGCL.
