Bhubaneswar: The Competition Commission of India (CCI) approves proposed acquisition of 49% of the total equity share capital of Odisha Power Generation Corporation Limited (OPGC) by Adani Power Limited (APL).
The proposed transaction relates to the acquisition of 49% of the total equity share capital of OPGC by APL (Proposed Combination). Odisha government holds 51 per cent stake in OPGC.
OPGC operates a 1,740 MW thermal power plant at Banharpalli in Jharsuguda district, Odisha.
The plant has a long-term power purchase agreement valid for 25 years with the state-owned GRIDCO and sources fuel from a nearby captive mine.
APL, is a public listed company and its shares are listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India Limited. It is a part of the Adani Group, which is inter-alia engaged in the business operations of generation, transmission and distribution of power in India. APL is primarily engaged in the business of power generation.
OPGC, incorporated in Odisha, is a joint venture between Government of Odisha, AES India Private Limited and AES OPGC Holding and operates as a state government company. OPGC is engaged in the business of power generation.
