The lenders of Prayagraj Power Generation Company, a 3X660MW coal-based power project based in UP have issued a Letter of Intent to Resurgent Power Ventures, (Resurgent Power) for acquisition of 75.01% stake in PPGCL.
Resurgent Power is a Joint Venture based out of Singapore and is held 26% by Tata Power through its wholly owned Singapore based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank and investors of international repute.
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