ICICI Bank to pick up 10% stake in Resurgent Power Ventures

New Delhi :ICICI Bank on Saturday said it will make 10 per cent investment in equity capital of Resurgent Power Ventures (RPV), a power platform created to facilitate investment in power projects in India by ICICI Group and Tata Group.

Other investors in the platform are Caisse de dpt et placement du Qubec (CDPQ) of Canada, Kuwait Investment Authority and State General Reserve Fund of Oman.

“The equity investment in RPV is a strategic investment to leverage the opportunities in the power sector. RPV as a power platform will facilitate investment in power projects in India,” ICICI Bank said in a regulatory filing on stock exchanges. ICICI Bank Ltd, Bahrain branch has entered into a subscription agreement to invest in RPV, it said.

The platform targets acquisition of controlling stakes in power generating companies both conventional thermal, hydroelectric and transmission assets in India, it said.

Tata Power will be a strategic partner and will provide operations and maintenance services to assets acquired by the platform, it added. ICICI Bank further said that it will invest in pro-rata with other stakeholders based on period capital calls.

Yesterday, Tata Power said that it has joined hands with ICICI Venture to set up a joint venture, which will raise USD 850 million to invest in operational and almost ready power projects.