Adani Power to Acquire US-based AES’ 49% Stake in Odisha Power for Rs 1,019cr

Adani Power to Acquire US-based AES’ 49% Stake in Odisha Power for Rs 1,019cr

• Adani Power will acquire US-based The AES Corporation’s 49 per cent equity stake in Odisha Power Generation Corporation for USD 135 million (around Rs 1,019 crore), the Adani group firm said on Tuesday.
• “Adani Power Ltd (APL) has signed a definitive agreement to acquire the 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of The AES Corporation (AES), the US-based global energy company,” a regulatory filing said.
• Adani Power will acquire a total of 89,30,237 equity shares held in OPGC representing 49 per cent of the total issued, paid-up and subscribed equity share capital of OPGC for USD 135 million.
• The OPGC operates 1,740 MW thermal power plant at Banharpalli in Jharsuguda district, Odisha.
• This plant is the mainstay of the Odisha state for base load power supply and amongst the lowest-cost power generated in the state.
• The supercritical capacity of 1,320 MW is a recently commissioned modern plant with low carbon footprint.
• The plant has a long-term power purchase agreement (PPA) valid for 25 years with the state owned off taker GRIDCO and sources fuel from a nearby captive mine.
• The Government of Odisha holds the balance 51 per cent 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, it said.
• AES and Adani Group shall continue to partner to facilitate the delivery of renewables and energy storage in India, it added.
• The Transaction is subject to customary regulatory approvals including compliance with applicable requirements in relation to the Government of Odisha and the receipt of regulatory approvals such as Competition Commission of India and Reserve Bank of India, it added.
• The turnover of OPGC during 2018-19 was Rs 887.71 crore.

About OPGC–

Odisha Power Generation Corporation Limited is the only thermal power generating company owned by Government of Odisha. It was incorporated under the Companies Act 1956 on 14 November 1984. OPGC started as a solely owned Government Company of the state of Orissa.

• Founded – 1984
• Headquarters – Bhubaneswar, Orissa, India
• Chairman–  Nikunja Bihari Dhal, IAS
  
• Managing Director– Indranil Dutta

About APL-

Adani Power Limited is the power business subsidiary of Indian conglomerate Adani Group with head office at Ahmedabad, Gujarat. The company is India’s largest private thermal power producer, with capacity of 12,450 MW. The firm was ranked as the 73rd largest corporation in India in Fortune India 500 list of 2018.

• Founded – 22 August 1996
• Founder – Gautam Adani
• Headquarters – Ahmedabad, Gujarat
• CEO– Vneet S. Jaain

About AES-

The AES Corporation is a Fortune 500 company that generates and distributes electrical power. AES is headquartered in Arlington, Virginia, and is one of the world’s leading power companies, generating and distributing electric power in 15 countries and employing 10,500 people worldwide.

• Founded – 28 January 1981
• Founder – Roger Sant, Dennis Bakke
• Headquarters – Arlington County, Virginia, United States
• CEO– Andres Gluski

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