Tata-ICICI Venture JV wins bid for stressed UP power asset under bankruptcy process

Resurgent Power Ventures Private Limited has been awarded a letter of intent (LoI) by the resolution professional of South East UP Power Trans­mission Company Limited (SEUPPTCL), selecting Resurgent as a successful resolution applicant under the Insolvency and Bankruptcy Code. The transaction is part of a stressed asset resolution process initiated by a resolution professional through a competitive bidding process. SEUPPTCL was incorporated as an SPV formed by Uttar Pradesh Power Trans­mission Company Limited to implement and operate the specified intra-state transmission system for a period of 35 years under the public-private partnership model on a build-own-operate-transfer basis. Resurgent will invest equity and raise debt in SEUPPTCL at a total enterprise value of more than Rs 60 billion to implement and commission the elements timely and turn around the asset that will maximise value for all the stakeholders.


Enter your email address