The Tanda unit of UPSEB was a distressed asset—dues to the power generator supplying UP— NTPC— were mounting. Finally, a resolution of debt was negotiated with the unit to be handed over to NTPC in place of debt. The challenge for NTPC was to turn the plant around from a 20% PLF to break-even and finally, reach the NTPC standard of 90%. The sale was sensitive politically as well as from the Industrial Relations point of view. The power behemoth did not want an unmanageable situation so it marshalled its resources from other units. This was in January 2001 when the power sector in India was churning with reform. This case illustrates the issues in a corporate turnaround and how best practices are adopted with judicious flexibility. It examines the entire gamut of change management through skilful organisation development. The example of a continuous process utility is especially good for learning, as is the transition from state-run to corporate.