New Delhi: The Competition Commission of India (CCI) on Thursday approved Adani Power’s proposed purchase of 49 percent stake in Odisha Power Generation Corporation Ltd (OPGC).
In a tweet, the CCI said it has approved “proposed acquisition of 49 per cent of the total equity share capital of the OPGC by Adani Power Ltd (APL)”.
Adani Power had announced in June to acquire US-based The AES Corporation’s 49 percent stake in OPGC for US $135 million (around Rs 1,019 crore). Odisha government holds 51 per cent stake in the OPGC.
The OPGC is a joint venture company of the Odisha Government, AES India Private Limited and AES OPGC Holding. It operates 1,740-mw thermal power plant at Banharpalli in Jharsuguda district of the state.
The plant has a long-term power purchase agreement for 25 years with the state-owned GRIDCO and sources fuel from a nearby captive mine.
Adani Power Limited, a part of the Adani Group, is a public listed company and its shares are listed in the Bombay Stock Exchange and the National Stock Exchange.
