Tata Power zooms ~5.5% on completion of acquisition of NRSS XXXVI Transmission

6 Apr 2022 , 11:55 AM

Tata Power Company Limited informed that it has completed the acquisition of NRSS XXXVI Transmission Limited (NRSS) through Resurgent Power Ventures Pte Limited.

Resurgent Power is co-sponsored by Tata Power and ICICI Bank and has other global reputed investors. NRSS was set up to acquire stressed assets in the Indian Power Sector. Tata Power International Pte. Ltd (TPIPL) which is a wholly-owned subsidiary of Tata Power, ICICI Bank Ltd. (ICICI Bank). It owns a 26% stake in Resurgent Power and the balance of 74% is held by ICICI Bank and other global investors.

NRSS is a special purpose vehicle to set up establish and operate a transmission system for the System Strengthening Scheme in the Northern Region (NRSS-XXXVI) along with the LILO of Sikar Neemrana 400kV D/C line at Babai on Build-Own-Operate-Maintain (BOOM) basis.
NRSS XXXVI has three elements spreading across 153 km in the states of Uttarakhand, Rajasthan, and Haryana.

Element 1 consists of LILO of one Ckt. of 400 KV D/C Sikar (PG) — Neemrana (PG) line at Babai (RRVPNL) along with 2 Nos. of 400 kV Line Bays at Babai. Element 2 consists of a 400 kV D/C Babai — Bhiwani D/C Transmission Line with 2 Nos. of 400 kV Line Bays at Babai, and Element 3 consists of a 400 kV link between Koteshwar & Rishikesh.

Tata Power Company is currently trading at Rs287.80 up by Rs14.2 or 5.19% from its previous closing of Rs273.60 on the BSE. The scrip has touched Intraday high and low of Rs289.30 and Rs273 respectively.