You are here: Home » News-CM » Companies » News
Business Standard

Tata Power announces change in shareholding of Resurgent Power Ventures

Capital Market 

announced that the shareholding of Resurgent Power Ventures, has undergone a change with Power Platform (a wholly owned subsidiary of State General Reserve Fund, Oman) and together buying out the shares of (a wholly-owned subsidiary of de d et placement du Quec).

Resurgent Power is a joint venture based out of and is held 26% by through its wholly-owned based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank, Power Platform and

Resurgent Power has recently signed a Share Purchase Agreement for acquiring 75.01% shares in (PPGCL), a 3X660 MW coal-based power project in The transaction has received approval from the Competition Commission of and the transaction closure is currently in progress.

Speaking on this development, MPraveer Sinha, & MD, Tata Power, said, Resurgent Power has undergone an internal restructuring.

The shareholding of Tata Power's wholly owned subsidiary in Resurgent Power however remains the same despite this internal restructuring. Resurgent Power will complete the Prayagraj acquisition and continue to evaluate other assets for acquisition as per the investment thesis of Resurgent Power."

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 14 2019. 19:09 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU