Nod to takeover of SEUPPTCL

The Uttar Pradesh power regulator has, reportedly, approved the takeover of the South East UP Power Transmission Company Limited (SEUPPTCL) by Resurgent Power Ventures, a joint venture (JV) between Tata Power and ICICI Bank.

The JV company had emerged as the highest bidder in February 2022, quoting Rs 32.51 billion upfront payment for the stressed transmission asset under insolvency. The National Company Law Tribunal (NCLT) cleared the bid in June 2022. This is one of the first large-scale stressed transmission projects which has been resolved through insolvency and bankruptcy code and has been accepted by the state regulatory commission.