Resurgent Power to acquire 100 per cent share in NRSS XXXVItransmission project

Resurgent Power Ventures has planned to acquire 100 per cent shareholding in Northern Region Strengthening Scheme (NRSS) XXXVI which is spread across three states of Haryana, Rajasthan and Uttarakhand.

The letter of intent (LoI) selecting Resurgent as lender’s nominee to acquire 100 per cent shareholding in the project has been issued by the lender, PTC India Financial Services (PFS). The NRSS XXXVI was incorporated as a special purpose vehicle (SPV) to establish and operate a transmission system along with LILO of Sikar-Neemrana 400kV D/C line at Babai. NRSS XXXVI has three elements consisting of a total length of 153 km transmission line spread across the states of Uttarakhand, Rajasthan and Haryana. Resurgent Power will invest equity and raise debt in NRSS XXXVI at a total enterprise value of about Rs 4.70 billion to implement and commission the project.

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