Resurgent Power Venturesawarded LoI by resolution professional of SEUPPTCL

Resurgent Power Ventures Private Limited (Resurgent) has been awarded a letter of intent (LoI) by the resolution professional ofSouth East UP Power Transmission Company Limited (SEUPPTCL), selecting Resurgent as asuccessful resolution applicant under insolvency and bankruptcy code (IBC) proceedings.

The transaction is part of a stressed asset resolution process initiated by a resolution professional through a competitive bidding process.SEUPPTCL was incorporated as a special purpose vehicle (SPV) formed by Uttar Pradesh Power Transmission Company Limited (UPPTCL) to implement and operate the specified intra-state transmission system for a period of 35 years under public-private partnership model on build, own, operateandtransfer basis.Resurgent will invest equity and raise debt in SEUPPTCL at a total enterprise value of more than Rs 60 billion to implement and commission the elements timely and turnaround the asset that will maximise value for all the stakeholders.

 

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