Akin Gump Advises Tata Power and ICICI Bank on India Power Project

Friday, October 21, 2016 - 23:48

Tata Power’s wholly owned subsidiary Tata Power International Pte Limited and ICICI Venture have announced the creation of a platform company, named Resurgent Power Ventures Pte Ltd, to facilitate investment in power projects in India in the coming two to three years. The projects are in advanced stages and near operational readiness or operating.

The platform is co-sponsored by Tata Power and ICICI Bank, which are being advised by Akin Gump, and has commitments from partner investors Caisse de dépôt et placement du Québec of Canada, Kuwait Investment Authority and State General Reserve Fund of the Sultanate of Oman, which are some of the largest investors globally.

The platform has raised initial capital commitments of $850 million to be contributed by the sponsors and partner investors either directly or through their affiliates. That figure can be upsized going forward, depending on market opportunities. The platform targets acquisition of controlling stakes in power generating companies, both conventional thermal, hydroelectric and transmission assets in India.

Akin Gump investment management partner Thiha Tun led the team advising Tata Power and ICICI, assisted by senior counsel Divya Thakur in Singapore.