Tata Power’s Singapore-based JV Resurgent Power Ventures won a bid to acquire the stressed asset of South East UP Power Transmission Company through its resolution process under the Insolvency and Bankruptcy Code. Tata Power has taken over the South East UP Power Transmission Company after offering over Rs 3,200 crore to the creditors of the bankrupt asset.
Resurgent Power will invest equity and raise debt in SEUPTCL at a total enterprise value of more than Rs 6000 crore for implementing and commissioning the elements timely and turnaround assets that would maximize value for all stakeholders. Adani Transmission, Sterlite Power, REC and Power Grid Corp had shown interest in South East UP Power Transmission. Tata Power posted a 74 per cent rise in its consolidated net profit to Rs 552 crore for December quarter backed by high revenues.