First stressed power asset resolved; Jaypee Bara goes to Resurgent Power

Prayagraj was part of the list of half dozen stressed power projects where the resolution had commenced outside the NCLT

Financially hard-pressed Jaiprakash Associates’ 1,980 MW Bara (Prayagraj) power project became the first stressed power project to find a buyer. Resurgent Power – a joint venture company of Tata Power with ICICI Ventures received Letter of Intent (LoI) from the lenders consortium led by State Bank of India (SBI).

In a statement, Tata Power informed that Resurgent has received Letter of Interest (LoI) for 75.01 per cent stake in Prayagraj Power Generation Company Limited (PPGCL) which operates the Bara project. The deal size is estimated at Rs 60 billion.

The lenders offered 89.47 per cent stake in the company at