Tata Power announced that Renascent Power Ventures acquired 75.01% equity stake and 27,00,00,000 preference shares of Rs 10/- each of Prayagraj Power Generation Company.
Renascent is a wholly-owned subsidiary of Resurgent Power Ventures -- a joint venture between Tata Power International, ICICI Ventures and other reputed global investors--set up to acquire assets in the Indian power sector. Tata Power International, a wholly-owned subsidiary of Tata Power, owns 26% stake in Resurgent Power and the balance 74% is held by ICICI Ventures and other global investors.
This transaction is the result of stressed asset resolution process initiated by the lenders through a competitive bidding process.
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