Resurgent Power Ventures Pte Ltd on Saturday said it has completed the acquisition of South East UP Power Transmission Company through the insolvency process.
Resurgent Power, a joint venture based out of Singapore, is co-sponsored by Tata Power and ICICI Venture and it has other global institutions as investors.
According to the resolution plan, the transaction entailed payment for a one-time settlement of outstanding debt and purchase of equity shares for a consideration of Rs 3,251 crore and a payout of existing cash balance of the company.
