Renascent Power completes 75 per cent stake acquisition in Prayagraj Power

Renascent Power Ventures Private Limited has completed the acquisition of a 75 per cent stake in Prayagraj Power Generation Company Limited (PPGCL). Renascent Power will also take over Rs 60 billion of debt of the company. PPGCL owns and operates a 1,980 MW coal-based thermal power plant at Prayagraj in Uttar Pradesh. In November 2018, Renascent Power had signed a share purchase agreement with a consortium of lenders led by SBI to acquire a 75.01 per cent stake in PPGCL.