Tata Power-backed firm to buy Jaypee’s Prayagraj Power from lenders2 min read 14 Nov 2018, 10:46 PM IST
The sale of Prayagraj Power to Tata Power-backed Resurgent Power marks the first such transaction in the power generation space outside the insolvency framework
New Delhi: In a sign of emerging solutions in India’s stressed power generation space, Resurgent Power Ventures Pte Ltd has inked an agreement to acquire 75.01% stake in Jaiprakash Associates Ltd’s 1980 megawatt (MW) Prayagraj Power Generation Co. Ltd from a State Bank of India-led consortium of lenders. While there has been a growing interest in the stressed assets space, given the promise of competitive valuations, not many deals have happened yet. The sale of Prayagraj Power marks the first such transaction in the space outside the insolvency framework.