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Resurgent to acquire full stake in northern transmission project

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Resurgent to acquire full stake in northern transmission project

New Delhi, Nov 13 (PTI) Resurgent Power Ventures Pte Ltd (Resurgent) has been selected by lenders to acquire the entire stake in the Northern Transmission Project project. This project is going on in Haryana, Rajasthan and Uttarakhand.

Resurgent is a Singapore-based joint venture. In this, 26 percent is held by a Singapore-based subsidiary of Tata Power. The remaining 74 per cent stake is held by ICICI Bank, Power Patelform Limited and Kuwait Investment Authority.

Tata Power said in a statement that the lender to NRSS XXXVI Transmission Limited and PTC India Financial Services Limited (PFS) has issued a letter of intent (LOI) to designate a resurgent to buy 100 per cent stake in NRSS XXXVI.

According to the statement, this transaction is a part of the transmission asset resolution process initiated by PFS through a competitive bidding process.

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