Resurgent Power Ventures acquires stressed UP power asset under insolvency

Resurgent Power Ventures has acquired South East UP Power Transmission Company Limited (SEUPPTCL) for Rs 32.51 billion (about $408 million) through an insolvency process. This marks Resurgent’s third acquisition. In accordance with the resolution plan, the transaction en­tailed payment of a one-time settlement of outstanding debt, purchase of equity shares for Rs 32.51 billion, and pay-out of SEUPPTCL’s current cash balance. The deal was backed by a combination of Resurgent Power’s shareholder funds and loans from the State Bank of India.