Resurgent Power to Buy India's Transmission Line Project

Singapore-based Resurgent Power Ventures Pte Ltd has been nominated to acquire 100 percent stake in India's transmission power line project, said the state-run PTC Financial Services (PFS) in its corporate filing with the Bombay stock exchange.

Resurgent is 26 percent owned by Tata Power with private lender ICICI Bank, Power Platform Ltd and Kuwait Investment Authority holding the balance 74 percent shareholding.

PFS sanctioned a loan of 41 million U.S. dollars and disbursed around 29 million U.S. dollars to the transmission line project to strengthen the transmission system in India's Northern states of Rajasthan, Haryana and Uttarakhand.