Tata Power's Singapore JV wins bid for South East UP Power Transmission Co

Tata Power-backed joint venture, Resurgent Power Ventures Pte Ltd (Resurgent Power), has become a successful bidder for Lucknow-headquartered South East UP Power Transmission Company Ltd (SEUPTCL) under IBC proceedings. The JV has received a Letter of Intent from the resolution professional of SEUPTCL and is part of a stressed asset resolution process. Resurgent Power will infuse equity and raise debt in SEUPTCL at a total enterprise value of more than INR 6,000 crore for implementing and commissioning the elements timely and turnaround the asset that will maximize value for all the stakeholders.