Dark mode


Media Releases

13 Nov 2021 -National Resurgent Power Ventures Pte Ltd awarded LoI by PTC India Financial Services Ltd
~PTC India Financial Services Ltd. (PFS) selects Resurgent as Lender's Nominee to acquire 100% shareholding in NRSS XXXVI Transmission Ltd.~

~Resurgent Power is a Joint Venture based out of Singapore and is held 26% by Tata Power through its wholly owned Singapore based subsidiary~

The lenders of NRSS XXXVI Transmission Limited (NRSS XXXVI), PTC India Financial Services Ltd (PFS), have issued a Letter of Intent (LOI) selecting Resurgent Power Ventures Pte Ltd (Resurgent) as Lender's Nominee to acquire 100% shareholding in NRSS XXXVI. The transaction is a part of stressed transmission asset resolution process initiated by PFS through a competitive bidding process.

NRSS XXXVI was incorporated as a special purpose vehicle to establish and operate transmission system for System Strengthening Scheme in Northern Region (NRSS-XXXVI) along with LILO of Sikar-Neemrana 400kV D/C line at Babai on Build-Own-Operate-Maintain (BOOM) basis.

NRSS XXXVI has three elements consisting of a total length of 153 Kms transmission line spread across the states of Uttarakhand, Rajasthan and Haryana. Out of this a small portion of 1.5 km of transmission line and 2 bays of 400 KV are completed while work for balance 151 km of lines and 4 bays of 400 KV is underway.

Resurgent will invest equity and raise debt in NRSS XXXVI at a total enterprise value of approx. Rs 470 crores to implement and commission the above projects and turnaround the asset that will maximize value for all the stakeholders.

Resurgent Power is a Joint Venture based out of Singapore and is held 26% by Tata Power through its wholly owned Singapore based subsidiary. The balance 74% of Resurgent Power is held by ICICI Bank and other investors such as Power Platform Limited and Kuwait Investment Authority.

Speaking on the development, Dr. Praveer Sinha, CEO & MD, Tata Power said "In line with our aspiration to expand our transmission business, Tata Power through Resurgent Power had bid for acquiring 100% stake in NRSS XXXVI Transmission Project. We are delighted to have been selected as the successful bidder by PTC India Financial Services (PFS). This asset fits in our overall strategy to maximize shareholder value through growth & sound investments. After successful turnaround of 1980 MW Prayagraj Power, this asset will add further value to the Resurgent portfolio."

The transaction shall be subject to customary approvals and conditions.

About Tata Power:

Tata Power (NSE: TATAPOWER; BSE:500400) is one of India's largest integrated power companies and together with its subsidiaries and jointly controlled entities, has an installed / managed capacity of 13,068 MW. The Company has presence across the entire power value chain - generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, coal & freight, logistics and trading.

The Company had developed the country's first Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. With 4.2 GW of clean energy generation from solar, wind, hydro and waste heat recovery accounting for 32% of the overall portfolio, the company is a leader in clean energy generation.

It has successful public-private partnerships in generation, transmission & distribution in India viz: Powerlinks Transmission Ltd. with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi, Maithon Power Ltd. with Damodar Valley Corporation for a 1,050 MW Mega Power Project at Jharkhand.

Tata Power is currently serving more than 12 million consumers via its Discoms, under public-private partnership model viz Tata Power Delhi Distribution Ltd. with Government of Delhi in North Delhi, TP Northern Odisha Distribution Limited, TP Central Odisha Distribution Limited, TP Western Odisha Distribution Limited and TP Southern Odisha Distribution Limited with Government of Odisha.

With a focus on sustainable and clean energy development, Tata Power is steering the transformation an integrated solutions providers by looking at new business growth in distributed generation through rooftop solar and micro grids, storage solutions, EV charging infrastructure, ESCO, home automation & smart meters et al.

With its 107 years track record of technology advancements, project execution excellence, world-class safety processes, customer care and green initiatives, Tata Power is well poised for multi-fold growth and is committed to lighting up lives for generations to come. For more information visit us at: www.tatapower.com

© Copyright 2021 Tata Power. All Rights Reserved.