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Renascent Power Ventures has acquired a 75 per cent equity stake in Prayagraj Power Generation Company.
This transaction is the result of stressed asset resolution process initiated by the lenders through a competitive process, the company said in a statement.
Renascent is a wholly-owned subsidiary of Resurgent Power Ventures Pte Limited--a joint venture between Tata Power International Pte Ltd, ICICI Ventures and other global investors.
This venture was set up to acquire assets in the Indian power sector. Tata Power International Pte Ltd, a wholly-owned subsidiary of Tata Power, owns 26 per cent stake in Resurgent Power and the balance 74 per cent is held by ICICI Bank and other global investors.
Prayagraj Power Generation Company Limited (PPGCL) owns and operates a 1,980 MW supercritical power plant in Uttar Pradesh. In November last year, Renascent had signed a Share Purchase Agreement with a consortium of lenders led by SBI to acquire 75.01 per cent stake in PPGCL.
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