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PTC selects Resurgent Power to acquire North India transmission project

Economic Times  

Resurgent Power Ventures has been selected as the lenders' nominee to acquire 100% shareholding in a troubled power transmission project spread across Haryana, Rajasthan and Uttarakhand. Resurgent will invest equity and raise debt in NRSS XXXVI at a total enterprise value of approx INR 470 crore to implement and commission the projects and turnaround the asset. 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% shareholding in NRSS XXXVI. The transaction is a part of the stressed transmission asset resolution process initiated by PFS. NRSS XXXVI was incorporated as a special purpose vehicle to establish and operate transmission system for System Strengthening Scheme in Northern Region (NRSS-XXXVI) along with LILO of Sikar-Neemrana 400kV D/C line at Babai. It has three elements consisting of a total length of 153 km transmission line spread across the states of Uttarakhand, Rajasthan and Haryana. Out of this, work for 151 km of lines and 4 bays of 400 KV is underway. Resurgent is a Singapore-based joint venture in which 26% shareholding is held by Tata Power through its wholly-owned Singapore-based subsidiary. The balance 74% is held by ICICI Bank, Power Platform Ltd and Kuwait Investment Authority.