The Competition Commission of India (CCI) has approved Adani Power's proposed purchase of 49 percent stake in Odisha Power Generation Corporation (OPGC). In June, Adani Power announced acquiring US-based The AES Corporation's 49 percent stake in OPGC for $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. Odisha government holds 51 percent stake in OPGC.
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.
