Resurgent Power acquires South East UP Power Transmission Company

Published on September 18, 2022
Current Context: Resurgent Power Ventures completed the acquisition of South East UP Power Transmission Company Limited (SEUPPTCL) through an insolvency process.
Resurgent Power acquires South East UP Power Transmission Company
  • The resolution plan involved the transaction involved payment for one-time settlement of outstanding debt, purchase of equity shares worth Rs 3,251 crores, and payout of existing cash balance of SEUPPTCL.
  • The shareholder funds brought in by Resurgent Power Ventures and loans raised from the State Bank of India (SBI) contributed to the completion of the transaction.
  • Upon the issuance of the Letter of Intent (LOI) by the resolution professional of SEUPPTCL, the National Company Law Tribunal (NCLT) Allahabad, approved the acquisition to the Resurgent Power on June 15, 2022.
  • As per the terms of the plan, Resurgent Power Ventures settled the debt of all existing creditors.
  • UPPTCL was incorporated in 2006 under the Companies Act, 1956 to acquire, establish, construct, operate, manage, hire, lease, maintain, modernize, work and use electrical transmission lines through high voltage and associated sub-stations, cables, wires, connected with transmission ancillary services, tele-metering, and telecommunication equipment in the State of Uttar Pradesh, India or elsewhere.
  • SEUPPTCL was established by UPPTCL on September 11, 2009, as a special purpose vehicle to implement and operate the intra-state transmission system for 35 years under Build-Own-Operate-Maintain & Transfer (BOOT) basis.

Question:

Q.1 Recently the South East UP Power Transmission Company Limited was acquired by?
a. Adani Power
b. BSES Rajdhani Power
c. Reliance Power
d. Resurgent Power

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