New Delhi, April 2 -- ICICI Venture and foreign investors who jointly own nearly three-fourths of Resurgent Power Ventures are planning to sell their stakes in the Tata Power-backed platform, two people aware of the development said.

While Tata Power owns 26% of the Singapore-based company with assets worth $2.5 billion, the rest is owned by ICICI Venture, Kuwait Investment Authority, and Oman Investment Authority.

"The shareholders have met investment banks to arrange a sale," one of the two people said on the condition of anonymity, adding a formal mandate is awaiting approval from Tata Power parent Tata Sons.

Resurgent Power focuses on acquiring and turning around conventional and hydroelectric projects as well as transmission asset...