Resurgent Power Ventures Gets UP Power firm through IBC process

Resurgent Power Ventures Pte Ltd Gets UP Power firm through IBC process

By Saur News Bureau/ Updated On Thu, Mar 10th, 2022

Highlights :

~Resurgent Power to invest equity and raise debt in SEUPTCL at a total enterprise value of more than Rs. 6000/- crores to implement and commission the elements~

~Resurgent Power is a JV based out of Singapore and is held 26% by Tata Power through its wholly-owned Singapore based subsidiary~

Resurgent Power Ventures Pte Ltd Gets UP Power firm through IBC process

Tata Power backed Resurgent Power Ventures has been selected for takeover of the South East UP Power Transmission Company Limited (SEUPTCL) by the resolution professional handling the case of the bankrupt transmission firm. A Letter of Intent (LOI) selecting Resurgent Power Ventures Pte Ltd (Resurgent) has been issued under the Insolvency and Banking Code (IBC)proceedings, after a competitive bidding process.

SEUPTCL was incorporated as a special purpose vehicle formed by UP Power Transmission Company Limited (UPPTCL) on September 11, 2009, to implement and operate the specified intra-state transmission system for a period of 35 years under public-private partnership model on Build-Own-Operate-Maintain & Transfer (BOOT) basis.

The SEUPTCL has approx. 1500 Km of Transmission Line and is divided into two groups. The Group- 1 consists of 6 nos of Transmission Element totaling 582 KM of Transmission Lines (765 KV & 400 KV) and 2 Nos of 400 KV Substation with a combined capacity of 1630 MVA and the Group- 2 comprises 8 nos of Transmission Element totaling 953 KM of Transmission Lines (765 KV & 400 KV) and 3 Nos of 400 KV Substation with a combined capacity of 4100 MVA.

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Resurgent Power will invest equity and raise debt in SEUPTCL at a total enterprise value of more than Rs 6000/- crores to implement and commission the elements timely and turnaround the asset that will maximize value for all the stakeholders.

Speaking on the development, Dr. Praveer Sinha, CEO & MD, Tata Power said “This asset will bring significant value to our transmission business and diversify the Resurgent Power portfolio after the successful turnaround of the 1980 MW Prayagraj Power Plant and acquisition of System Strengthening Scheme in Northern Region NRSS XXXVI Transmission Limited.”

Resurgent Power is a Joint Venture based out of Singapore and is held 26% by Tata Power through its wholly-owned Singapore-based subsidiary Tata Power International Pte Ltd. The balance 74% of Resurgent Power is held by ICICI and investors of international repute.