Singapore-based Resurgent Power, a Shared venture of Tata Power and ICICI Ventures, has earned the tender to buy a 75.01% stake in Prayagraj Power Generation Company for ₹6,000 crore.
Prayagraj has a 1,980 megawatt coal-fired power plant in Allahabad, Uttar Pradesh.
Earlier endorsed by Jaiprakash Associates, Prayagraj be in debt more than ₹11,000 crore to creditors.
Tata Power has been ranked 3rd in 2017 Responsible business Rankings developed by IIM Udaipur.
In February 2017, Tata Power became the first Indian company to ship over 1 GW solar modules.
