ICICI Venture-Tata Power’s PE fund Resurgent to buy majority stake in Prayagraj Power

A private equity (PE) venture set up by Tata Power Company Limited and the ICICI Group has won a bid to acquire a majority stake in Prayagraj Power Generation Company Limited, which operates a 1,980 MW coal-fired generation project in Uttar Pradesh. Lenders to Prayagraj Power have issued a letter of intent to Resurgent Power Ventures Private Limited for the acquisition of a 75.01 per cent stake in the company. The transaction is subject to customary approvals and conditions.