Tata Power-ICICI Bank JV acquires Manoj Gaur’s Prayagraj power project
A joint venture of Tata PowerNSE -0.09 % and ICICI BankNSE 1.24 % on Wednesday acquired real estate baron Manoj Gaur’s biggest power plant at Prayagraj in Uttar Pradesh by agreeing to takeover Rs 6,000 crore of debt of the company. Renascent Power Ventures Pvt Ltd, the wholly-owned subsidiary of Resurgent Power Ventures Pte, has acquired 75 per cent stake in Prayagraj Power Generation Co Ltd (PPGCL) which owns and operates 1,980 MW coal-based electricity generation unit, Tata Power said in a regulatory filing.
Resurgent Power is a joint venture of ICICI Bank and Tata Power, while PPGCL is a subsidiary of Gaur’s Jaiprakash Power Ventures Ltd which has been shedding assets to cut debt.
It has sold power projects of about 3,800 MW capacity in the last few years to settle debt of close to Rs 21,000 crore.
