Tata Power to buy 25% in Resurgent Power for Rs 1,800 crore – Feedback

Tata Power, India’s largest private power producer, will purchase 25% of Resurgent Power for $300 million (around Rs 1,800 crore) as part of a consortium to primarily buy both coal-fired and hydro power assets in India, besides looking at power transmission companies, two people with direct knowledge of the plan said.

Resurgent Power is founded by a consortium of two sovereign funds from Middle East, an overseas pension fund from Canada and local private equity fund ICICI Ventures. Kuwait Investment Authority, or KIA, Oman State General Reserve Fund, or OSGRF, Canadian pension fund Caisse de depot placement du Quebec, or CDPQ and local private equity fund ICICI Ventures own the consortium. The three global funds will invest $500 million and will own 65% stake, while ICICI Ventures will own the remaining 10% stake. The company, which will be registered in Singapore, will be capitalised up to $850 million and can raise up to three times debt of the equity capital.

http://economictimes.indiatimes.com/industry/energy/power/tata-power-to-buy-25-in-resurgent-power-for-rs-1800-crore/articleshow/52755789.cms

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