AZB & Partners has represented India’s Resurgent Power Ventures on an agreement with a consortium of lenders to acquire a 75 percent stake worth $832 million (60 billion rupees) in stressed power plant Prayagraj Power.

The lenders, led by State Bank of India (SBI), were counselled by Cyril Amarchand Mangaldas.

According to Indian media, the 1980-mw power plant in the Indian state of Uttar Pradesh, owned by Jayprakash Associates, became the first of the nearly dozen stressed power plants proposed to be resolved by lenders outside insolvency court. 

Resurgent Power is a joint venture between Tata Power, ICICI Bank and other global investors including Kuwait Investment Authority and State General Reserve Fund, set up to acquire assets in the Indian power sector. 

The AZB team was led by partners Darshika Kothari and Nilanjana Singh.

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