Renascent Power Ventures has purchased a 75.01 percent equity stake in Prayagraj Power Generation Co. Lt. (PPGCL), which owns and operates a 1,980-megawatt supercritical power plant in the Indian state of Uttar Pradesh.
Financial terms were not disclosed.
Renascent is a wholly-owned subsidiary of Resurgent Power Ventures Pte Ltd., a joint venture between Tata Power International Pte. Ltd., ICICI Ventures and other global investors, established to acquire assets in the Indian power sector.
Tata Power International Pte Ltd, a subsidiary of Tata Power, currently owns a 26 percent stake in Resurgent Power, with the remaining 74 percent held by ICICI Bank and other global investors.
In November 2018, Renascent signed a share purchase agreement (SPA) with a consortium of lenders led by the State Bank of India (SBI) to acquire a 75.01 percent stake in (PPGCL), following a competitive bidding process.
