The Competition Commission on Tuesday said it has approved Renascent Power Ventures’ acquisition of 75% stake in Prayagraj Power Generation.
In November, Renascent Power, a wholly-owned subsidiary of Resurgent Power Ventures Pte Ltd, said it would acquire 75.01% stake in Prayagraj Power Generation Company Ltd (PPGCL).
In a tweet, the Competition Commission of India (CCI) said it has approved acquisition of certain equity shares and optionally convertible redeemable preference shares of PPGCL by Renascent Power.
Renascent had signed a share purchase agreement (SPA) with a consortium of lenders led by State Bank of India (SBI) to acquire 75.01% stake in PPGCL, which owns and operates a 1,980 MW supercritical power plant in Uttar Pradesh.
Resurgent Power is a joint venture between Tata Power International Pte Ltd (TPIPL), ICICI Bank and reputed global investors including Kuwait Investment Authority and State General Reserve Fund, Oman, set up to acquire assets in the Indian power sector.
TPIPL owns 26% stake in Resurgent Power and the balance 74% is held by ICICI Bank and other global investors.
Source: Mint