Resurgent Power Ventures to acquire 100% shareholding in a Northern power transmission project

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New Delhi: Resurgent Power Ventures Pte Ltd (Resurgent) has been selected as the lender’s nominee to acquire 100 per cent shareholding in a troubled power transmission project spread across three states of Haryana, Rajasthan and Uttarakhand.

Resurgent is a Singapore based joint venture in which 26 per cent shareholding is held by Tata Power through its wholly-owned Singapore based subsidiary. The balance 74 per cent of Resurgent Power is held by ICICI Bank, Power Platform Ltd and Kuwait Investment Authority.  The lender of NRSS XXXVI Transmission Ltd, PTC India Financial Services Ltd (PFS), has issued a Letter of Intent (LOI) selecting Resurgent Power Ventures Pte Ltd (Resurgent) as Lender’s Nominee to acquire 100 per cent shareholding in NRSS XXXVI, Tata Power said in a statement.

According to the statement, the transaction is a part of a stressed transmission asset resolution process ini tiated by PFS through a com petitive bidding process.

The NRSS XXXVI was incorporated as a special purpose vehicle to establish and operate transmission system for System Strengthening Scheme in Northern Region (NRSS-XXXVI) along with LILO of Sikar-Neemrana 400kV D/C line at Babai. NRSS XXXVI has three elements consisting of a total length of 153 km transmission line spread across the states of Uttarakhand, Rajas than and Haryana.

Out of this, a small por tion of 1.5 km of transmis sion line and 2 bays of 400 KV are completed while work for balance 151 km of lines and 4 bays of 400 KV is underway.

Source – PTI

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