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
By ZeeBiz WebTeam
Updated: Fri, Sep 09, 2016
10:44 pm
Mumbai , ZeeBiz WebDesk
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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. 

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.