Tata is said to be in talks to buy out investors in Resurgent

Tata Group is in talks to buy out other shareholders in Resurgent Power Ventures Pte, according to people familiar with the matter.

Tata Power Co., which owns a 26% stake in Singapore-based power generation and transmission firm Resurgent through a subsidiary, is working with an adviser to help buy the stakes held by ICICI Venture Funds Management Co., Kuwait Investment Authority and Oman Investment Authority, the people said, asking not to be identified because the talks are confidential.

ICICI Venture, KIA and OIA, which hold 74% in Resurgent, are seeking a valuation of about $2.1 billion for the whole company, including debt, the people said. Discussions are ongoing and there’s no certainty that an agreement will be reached, they said.


Representatives for Tata Power, ICICI Venture and OIA didn’t reply to requests seeking comment. KIA declined to comment.

Resurgent Power’s portfolio includes a stake of about 75% in Prayagraj Power Generation Co., as well as other power transmission operators in northern India, ICICI’s website shows.

KIA and a subsidiary of the Oman State General Reserve Fund, or SGRF, invested in Resurgent in 2019, when they bought out the shares from a unit of Caisse de depot et placement du Quebec, or CDPQ, which is now known as La Caisse. In 2020, SGRF merged with the Oman Investment Fund to form OIA.