Adani Power (APL) has signed a definitive agreement to acquire the 49 percent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of The AES Corporation (AES), the US based global energy company. The company will acquire a total of 89,30,237 equity shares held in OPGC representing 49 percent of the total issued, paid up and subscribed equity share capital of OPGC for $135 million (around Rs 1,019 crore).
The Government of Odisha holds the balance 51 percent stake in OPGC. The acquisition also marks APL's foray into Odisha state, and it demonstrates the Adani Group's long term commitment to develop and operate high quality infrastructure in the state.
Adani Power is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.
