The Uttar Pradesh power regulator has approved the takeover of the South East UP Power Transmission Company by Resurgent Power Ventures, a JV between Tata Power NSE -0.41 % and ICICI Bank NSE -0.49 %. It had emerged as the highest bidder in February, quoting ₹3,251 crore upfront payment for the stressed transmission asset under insolvency.
The NCLT cleared the bid in June.
“This is a critical order for the power sector. This is one of the first large-scale stressed transmission projects which has been resolved through IBC (Insolvency and Bankruptcy Code) and has been accepted by the State Regulatory Commission,” said SKV Law Offices advocate Shri Venkatesh, who appeared for Resurgent Power Ventures.
