{"id":33944,"date":"2022-04-05T18:56:18","date_gmt":"2022-04-05T13:26:18","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-resurgent-power-acquistion\/"},"modified":"2022-04-05T18:56:18","modified_gmt":"2022-04-05T13:26:18","slug":"biz-resurgent-power-acquistion","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-resurgent-power-acquistion\/","title":{"rendered":"Resurgent Power completes acquisition of Sikar-Neemrana power transmission project"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3786335174\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>New Delhi, Apr 5 (PTI) Resurgent Power Ventures has completed the acquisition of electricity transmission project NRSS XXXVI Transmission Ltd under debt resolution initiated by PTC India Financial Services via competitive bidding.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1548245514\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>&#8220;Pursuant to the Letter of Intent (LOI) issued by the lenders of NRSS XXXVI Transmission Ltd (NRSS XXXVI), Resurgent Power Ventures Pte Ltd (Resurgent) has completed the acquisition of NRSS XXXVI and settled the debt of the lender of NRSS XXXVI,&#8221; a statement said.<\/p>\n<p>According to the statement, the transaction is part of the stressed asset resolution process initiated by PTC India Financial Services Ltd (PFS), lender of NRSS XXXVI, through a competitive bidding process.<\/p>\n<p>The NRSS XXXVI was incorporated as a special purpose vehicle to establish and operate a transmission system for System Strengthening Scheme in Northern Region (NRSS-XXXVI) along with LILO of Sikar-Neemrana 400kV D\/C line at Babai on build-own-operate-maintain (BOOM) basis.<\/p><div class=\"trade-content_5\" id=\"trade-2868668947\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>NRSS XXXVI has three elements with a total length of 153 km spread across Uttarakhand, Rajasthan and Haryana.<\/p>\n<p>The statement said that the transaction entails payment for one-time settlement of outstanding debt and purchase of equity shares for a total consideration of Rs 127 crore and additional payouts linked to certain events outlined in the share purchase and debt settlement agreement.<\/p>\n<p>Resurgent Power will invest equity and raise debt in NRSS XXXVI for completion of Elements 2 and 3. When completed, the total enterprise value will be approximately Rs 470 crore, it stated.<\/p>\n<p>Resurgent Power is co-sponsored by Tata Power and ICICI Bank and has other global reputed institutional investors. It was set up to acquire stressed assets in the Indian Power Sector.<\/p>\n<p>Tata Power International Pte Ltd (TPIPL) (a wholly-owned subsidiary of Tata Power), owns a 26 per cent stake in Resurgent Power and the balance of 74 per cent is held by ICICI Bank and other global investors.<\/p>\n<p>Resurgent Power owns a 75.01 per cent stake in Prayagraj Power Generation Company Limited, which owns and operates a 1.980 MW supercritical power plant in Uttar Pradesh.<\/p><div class=\"trade-content-10\" id=\"trade-1791010188\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Praveer Sinha, CEO &#038; MD, Tata Power said, &#8220;The completion of the acquisition of a 100 per cent stake in NRSS XXXVI Transmission Ltd. is another significant milestone for Resurgent Power, and it aligns with our aspirations of expanding our transmission business, while also successfully resolving stressed assets for lenders&#8221;.<\/p>\n<p>This asset will bring more value to the Resurgent portfolio after the successful turnaround of the 1,980 MW Prayagraj Power in the last three years, and it aligns with the broader strategy of maximising shareholder value through expansion and sound investments, he added. PTI KKS  KKS BAL BAL<\/p>\n<div class=\"trade-after-content\" id=\"trade-4118817306\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Apr 5 (PTI) Resurgent Power Ventures has completed the acquisition of electricity transmission project NRSS XXXVI Transmission Ltd under debt resolution initiated by PTC India Financial Services via competitive bidding. &#8220;Pursuant to the Letter of Intent (LOI) issued by the lenders of NRSS XXXVI Transmission Ltd (NRSS XXXVI), Resurgent Power Ventures Pte Ltd [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[],"class_list":["post-33944","post","type-post","status-publish","format-standard","hentry","category-corporate-action","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - 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