Resurgent Power Ventures Pte Ltd awarded LoI by PTC India Financial Services Ltd

Resurgent Power Ventures Pte Ltd awarded LoI by PTC India Financial Services Ltd

~PTC India Financial Services Ltd. (PFS) selects Resurgent as Lender’s Nominee to acquire 100% shareholding in NRSS XXXVI Transmission Ltd.~

~Resurgent Power is a Joint Venture based out of Singapore and is held 26% by Tata Power through its wholly owned Singapore based subsidiary~

National, 13th November, 2021: The lenders of NRSS XXXVI Transmission Limited (NRSS XXXVI), PTC India Financial Services Ltd (PFS), have issued a Letter of Intent (LOI) selecting Resurgent Power Ventures Pte Ltd (Resurgent) as Lender’s Nominee to acquire 100% shareholding in NRSS XXXVI. The transaction is a part of stressed transmission asset resolution process initiated by PFS through a competitive bidding process.

NRSS XXXVI was incorporated as a special purpose vehicle to establish and operate transmission system for System Strengthening Scheme in Northern Region (NRSS-XXXVI) along with LILO of Sikar-Neemrana 400kV D/C line at Babai on Build-Own-Operate-Maintain (BOOM) basis.

NRSS XXXVI has three elements consisting of a total length of 153 Kms transmission line spread across the states of Uttarakhand, Rajasthan and Haryana. Out of this a small portion of 1.5 km of transmission line and 2 bays of 400 KV are completed while work for balance 151 km of lines and 4 bays of 400 KV is underway.

Resurgent will invest equity and raise debt in NRSS XXXVI at a total enterprise value of approx. Rs 470 crores to implement and commission the above projects and turnaround the asset that will maximize value for all the stakeholders.

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 other investors such as Power Platform Limited and Kuwait Investment Authority.

Speaking on the development, Dr. Praveer Sinha, CEO & MD, Tata Power said “In line with our aspiration to expand our transmission business, Tata Power through Resurgent Power had bid for acquiring 100% stake in NRSS XXXVI Transmission Project. We are delighted to have been selected as the successful bidder by PTC India Financial Services (PFS). This asset fits in our overall strategy to maximize shareholder value through growth & sound investments. After successful turnaround of 1980 MW Prayagraj Power, this asset will add further value to the Resurgent portfolio.”

The transaction shall be subject to customary approvals and conditions.