Resurgent Power Secures LoI for South-East UP Power Transmission
Resurgent Power Ventures Pte Ltd., a joint venture of Tata Power and various investors, has acquired a Letter of Intent (LoI) from South East UP Power Transmission Company Limited (SEUPTCL). The Singapore based company has been selected as successful resolution applicant under IBC (Insolvency and Bankruptcy Code) proceedings with a bid of Rs. 3,000 crore. SEUPTCL had filed for bankruptcy on 16th July, 2020 due to ongoing financial troubles.
SEUPTCL has around 1,500 Km of transmission lines in two groups. Group one comprises 6 transmission elements totaling 582 Km of Transmission Lines (765 KV & 400 KV) and two 400 KV substations with a combined capacity of 1630 MVA. Group two consists of 8 transmission elements, totalling 953 Km of transmission lines (765 KV & 400 KV), and three 400 KV substations with a combined capacity of 4100 MVA.
Resurgent Power plans to invest Rs. 6,000 crore through equity and debt investment.