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PFC resolves India’s Largest Stressed Transmission Asset

Power Finance Corporation Limited has successfully resolved the country’s largest stressed asset in the power transmission sector of South East U. P. Power Transmission Company Limited. The project, comprising about 1500 km of 765 kV & 400 kV transmission lines and 5 sub-stations in Uttar Pradesh, will significantly benefit the consumers of Uttar Pradesh.

PFC was the Lead Financial Institution for the project, with REC and Bank of India as co-lenders in the consortium. This is a landmark resolution through the Corporate Insolvency Resolution Process (CIRP) under the IBC (2016), which has resulted in lenders recovering in excess of 100% of the principal amount.

The project was originally allocated by Uttar Pradesh Power Transmission Company Limited on BOOT basis to Isolux Corsan Concessions SA of Spain in 2011. Through the CIRP mechanism under IBC (2016), the project has now been acquired by Resurgent Power Ventures Pte. Ltd., which is India’s Tata Power and ICICI, with reputed sovereign wealth funds as other major shareholders.

The project was handed over to Resurgent Power Ventures Pte Ltd after receipt of the upfront payment 16.09.2022 in the presence of Ravinder Singh Dhillon, CMD (PFC), Parminder Chopra, Rajiv Ranjan Jha, Manoj Sharma Director and Shailesh Verma the Resolution Professional.

PFC is India’s leading power sector financer with a consolidated loan book of about Rs.7.58 lakh crore and is focusing on areas like renewable, refinancing, private transmission projects among others, including non-power sector related infrastructure projects, for business growth.

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