Tata Power announced that the shareholding of Resurgent Power Ventures, Singapore has undergone a change with Power Platform (a wholly owned subsidiary of State General Reserve Fund, Oman) and Kuwait Investment Authority together buying out the shares of CDP Groupe Infrastructures Inc. (a wholly-owned subsidiary of Caisse de d et placement du Quec).
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, Power Platform and Kuwait Investment Authority.
Resurgent Power has recently signed a Share Purchase Agreement for acquiring 75.01% shares in Prayagraj Power Generation Corporation (PPGCL), a 3X660 MW coal-based power project in Uttar Pradesh.
The transaction has received approval from the Competition Commission of India and the transaction closure is currently in progress.
Speaking on this development, MPraveer Sinha, CEO & 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."
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