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Competition watchdog approves Adani Power's 49% stake buy in Odisha Power Generation Corp

In June, Adani Power announced acquiring US-based The AES Corporation's 49 per cent stake in OPGC for USD 135 million (around Rs 1,019 crore)

twitter-logoPTI | July 30, 2020 | Updated 20:47 IST
Competition watchdog approves Adani Power's 49% stake buy in Odisha Power Generation Corp

The Competition Commission on Thursday said it has approved Adani Power's proposed purchase of 49 per cent stake in Odisha Power Generation Corporation Ltd (OPGC).

In June, Adani Power announced acquiring US-based The AES Corporation's 49 per cent stake in OPGC for USD 135 million (around Rs 1,019 crore).

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.

In a tweet, the Competition Commission of India (CCI) said it has approved "proposed acquisition of 49 per cent of the total equity share capital of Odisha Power Generation Corporation Ltd (OPGC) by Adani Power Ltd (APL)".

Odisha government holds 51 per cent stake in OPGC.

Deals beyond a certain threshold require clearance from CCI, which keeps a tab on unfair business practices at the market place.

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