te Tata Power, ICICI Venture partner to launch power platform with global investors | Zee Business

Tata Power, ICICI Venture partner to launch power platform with global investors

It said in a statement,"Tata Power International Pte  has entered into a subscription agreement to invest in Resurgent Power Ventures (RPV) - a power platform  created to facilitate investment in power projects in India."

Tata Power, ICICI Venture partner to launch power platform with global investors
This platform involves overall commitment of $ 850 million from all the shareholders in a pro-rate manner in the next 2-3 year. Photo: Pixabay

Tata Power announced that it's wholly owned subisdiary Tata Power International Pte has partnered with ICICI Bank's international venture along with other global investor to facilitate investment in power projects in India. 

It said in a statement,"Tata Power International Pte  has entered into a subscription agreement to invest in Resurgent Power Ventures (RPV) - a power platform  created to facilitate investment in power projects in India."

This platform involves overall commitment of $ 850 million from all the shareholders in a pro-rate manner in the next 2-3 year. 

TRENDING NOW

Such a move focuses to ease investment in power projects in India in the coming two-three years, which are in advanced stages and near operational readiness or operating. 

It targets acquisition of controlling stakes in power generating companies both conventional thermal, hydro-electric and transmission assets in India. 

The RPV is incorporated in Singapore and has its operations in power and electricity sections. 

Shareholders of RPV will be held jointly by Tata Power International, ICICI Bank's Bahrain Branch, Caisse de depot et placement du Quebec (CDPQ) of Canada, Kuwait Investment Authority (KIA)  and State General Reserve Fund (SGRF) of the Sultanate of Oman. 

Tata Power International will hold a 26% stake in RPV platform. 

Under this deal, cash consideration to be invested pro-rata with other shareholdrs based on periodic capital calls. 

 

Written By: ZeeBiz WebTeam
Updated: Fri, Sep 09, 2016
10:44 pm
Mumbai , ZeeBiz WebDesk
RELATED NEWS
Tata Power to hold 'Lok Adalat' for north Delhi consumers on January 28 Tata Power to hold 'Lok Adalat' for north Delhi consumers on January 28
Rooftop Solar Scheme: Borosil Renewables, Tata Power and Waaree to gain big; check out other beneficiaries Rooftop Solar Scheme: Borosil Renewables, Tata Power and Waaree to gain big; check out other beneficiaries
Tata Power shares rise in trade, hover around 52-week high—here's why Tata Power shares rise in trade, hover around 52-week high—here's why
Tata Power's subsidiary inks contract with NTPC; here is how the stocks are faring Tata Power's subsidiary inks contract with NTPC; here is how the stocks are faring
Tata Power, Indian Oil Corp tie up to deploy over 500 EV charging points across India Tata Power, Indian Oil Corp tie up to deploy over 500 EV charging points across India

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x