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.

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