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Power Play Intensifies: Tata Group Eyes Full Control of Resurgent in $2.1 Billion Buyout Talks

Updated: July 03, 2025 18:00

Image Source : SeedLegals
Tata Group is reportedly in advanced discussions to acquire the remaining 74 percent stake in Resurgent Power Ventures Pte, a Singaporebased power generation and transmission firm. The move, if finalized, would give Tata Power complete ownership of Resurgent, consolidating its position in India’s energy infrastructure landscape.
 
Key Highlights of the Buyout Proposal
  • Tata Power currently holds a 26 percent stake in Resurgent through a subsidiary  
  • The remaining 74 percent is owned by ICICI Venture Funds Management, Kuwait Investment Authority (KIA), and Oman Investment Authority (OIA)  
  • The investors are seeking a valuation of approximately $2.1 billion for the entire company, including debt  
  • Tata Power is working with an adviser to facilitate the buyout, though discussions remain confidential and nonbinding  
Resurgent’s Portfolio and Strategic Value
  • Resurgent Power holds a 75 percent stake in Prayagraj Power Generation Co., a major thermal power asset in Uttar Pradesh  
  • The company also owns stakes in other power transmission operators across northern India  
  • The portfolio was built through acquisitions of stressed assets, aligning with Tata Power’s strategy to expand via inorganic growth  
Investor Background and Ownership History
  • KIA and OIA entered Resurgent in 2019 by acquiring shares from Canadian pension fund CDPQ  
  • In 2020, Oman’s State General Reserve Fund merged with the Oman Investment Fund to form OIA  
  • ICICI Venture has been a founding partner in Resurgent, playing a key role in asset identification and financial structuring  
Market Impact and Forward Outlook
  • A successful buyout would allow Tata Power to streamline decisionmaking and accelerate operational integration  
  • Analysts expect the deal to enhance Tata Power’s asset base and improve longterm earnings visibility  
  • The move reflects Tata Group’s broader push to consolidate and scale its energy holdings amid India’s clean energy transition  
As Tata Group negotiates to take full control of Resurgent Power Ventures, the potential $2.1 billion deal signals more than just ownership—it’s a strategic consolidation of energy assets that could reshape the group’s power portfolio for the next decade.
 
Sources: Economic Times, Moneycontrol, NDTV Profit, Business Standard

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