Resurgent to acquire 100% stake in a northern transmission project
Resurgent Power Ventures (Resurgent) has been selected as the lender’s nominee to acquire 100 per cent shareholding in a troubled power transmission project spread across three states of Haryana, Rajasthan and Uttarakhand. Resurgent is a Singapore-based joint venture in which 26 per cent shareholding is held by Tata Power NSE 2.11 % through its wholly-owned Singapore-based subsidiary. The balance 74 per cent of Resurgent Power is held by ICICI Bank, Power Platform Ltd and Kuwait Investment Authority.
The lender of NRSS XXXVI Transmission , PTC India Financial Services (PFS), has issued a Letter of Intent (LOI) selecting Resurgent Power Ventures (Resurgent) as Lender’s Nominee to acquire 100 per cent shareholding in NRSS XXXVI, Tata Power said in a statement.
