­Renascent is a wholly-owned subsidiary of Resurgent set up in the year 2016 as a joint venture between TPCL, ICICI Ventures and other global investors such as Kuwait Investment Authority and Oman Investment Authority, established with an aim to acquire operating and near-operating assets in the Indian power sector. TPCL holds 26 per cent stake in Resurgent and the balance 74 per cent is held by ICICI Ventures and other global investors (including sovereign funds). Renascent acquired PPGCL in December 2019 through a competitive bidding process under stressed asset resolution process initiated by the lenders. PPGCL operates a 1,980 MW (3 x 660 MW) coal based thermal power project in Uttar Pradesh. 

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuité's categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.