NE BUSINESS BUREAU
NEW DELHI, JULY 30
The Competition Commission of India (CCI) on Thursday said it has approved Adani Power’s proposed purchase of 49 percent stake in Odisha Power Generation Corporation Ltd (OPGC).
In June, Adani Power announced acquiring US-based The AES Corporation’s 49 percent stake in OPGC for US $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 percent of the total equity share capital of Odisha Power Generation Corporation Ltd (OPGC) by Adani Power Ltd (APL)”.
Odisha government holds 51 percent stake in OPGC.
Deals beyond a certain threshold require clearance from CCI, which keeps a tab on unfair business practices at the market place.
