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Approval granted for Adani Power to buy 49 per cent stake in Odisha Power Generation

  • 4 days ago (2020-07-31)
  • David Flin
Asia 571 Coal 142

The Competition Commission of India (CCI) has given approval to Adani Power ’s proposed purchase of a 49 per cent stake in Odisha Power Generation Corporation (OPGC) for $135 million.

In June, Adani Power announced its intention to acquire US-based AES Corporation ’s 49 per cent stake in OPGC, which has now been approved by the CCI. OPGC operates a 1740 MW coal-fired power plant at Banharpalli, Jharsuguda district, Odisha. The plant has a long-term PPA valid for 25 years with the state-owned GRIDCO, and sources fuel from a nearby captive mine.

The Odisha Government holds a 51 per cent stake in OPGC.