The Competition Commission of India (CCI) has approved Renascent Power Ventures’ acquisition of 75 percent stake in Prayagraj Power Generation Company (PPGCL).
The CCI has given approval for acquisition of certain equity shares and optionally convertible redeemable preference shares of PPGCL by Renascent Power Ventures.
Renascent Ventures had signed a share purchase agreement (SPA) with a consortium of lenders led by the State Bank of India (SBI) to acquire 75.01 percent stake in PPGCL, which owns and operates 1,980 MW supercritical power plant in Uttar Pradesh.
Resurgent Power Ventures is a joint venture (JV) between Tata Power International (TPIPL), ICICI Bank and reputed global investors, including the Kuwait Investment Authority and the State General Reserve Fund, Oman, set up to acquire assets in the Indian power sector.
TPIPL owns 26 percent stake in Resurgent Power and the balance 74 percent is held by ICICI Bank and other global investors.