Renascent Power Ventures Private Limited (Renascent Power), a wholly owned subsidiary of Resurgent Power Ventures Pte. Limited (Resurgent Power) has signed a Share Purchase Agreement (SPA) with a consortium of lenders led by State Bank of India (SBI) to acquire 75.01% stake in Prayagraj Power Generation Company Limited (PPGCL), which owns and operates a 1,980 MW supercritical power plant in the state of Uttar Pradesh, India. This transaction is the result of stressed asset resolution process initiated by the lenders through a competitive bidding process.
The SPA will be subject to customary approvals from regulatory authorities and the transaction is expected to be closed over the next few months.
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