APTEL has upheld the approval granted for transfer of 75.01 percent ownership of Prayagraj Power Generation Company (PPGCL) to Renascent Power Ventures, a 100 percent subsidiary of Resurgent Power Ventures, but without any reduction of adopted tariff.
Prayagraj Power owns and operates 1,980 MW (three x 660 MW) coal- based thermal power project in the state of Uttar Pradesh and had become a non-performing asset (NPA) due to financial and operational stresses.
Resurgent is a joint venture between Tata Power International, ICICI Bank, Kuwait Investment Authority and State General Reserve Fund of Oman set up to acquire assets in the Indian Power Sector.
Resurgent was selected as the successful bidder in resolving Prayagraj Power stressed asset and had signed a share purchase agreement with lenders for acquisition of 75.01 percent shares of PPGCL.