Resurgent Power buys insolvent firm South East UP Power Transmission Company
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.
