Odisha Hydro Power Corporation Limited (OHPC) gets CCI nod to acquire 49% shares of Odisha Power Generation Corporation Limited (OPGC)
OHPC is a state PSU wholly-owned and controlled by the government of Odisha; in OPGC, Odisha government holds 51% stake
Post-acquisition, OPGC will become wholly-owned state PSU of Odisha govt
New Delhi: The Competition Commission of India (CCI) has approved the acquisition of shares of Odisha Power Generation Corporation Limited (OPGC) by Odisha Hydro Power Corporation Limited (OHPC) on Tuesday.
OHPC is a state PSU wholly-owned and controlled by the government of Odisha. It is engaged in the business of generation of power from renewable sources namely, hydroelectric and solar power.
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OPGC is a state-owned joint venture enterprise with the government of Odisha holding 51 percent shareholding and the remaining 49 percent shareholding held by AES Corporation, USA through AES OPGC Holding and AES India Private Limited. It is engaged in the business of generation of power from coal-based thermal power plants as well as mini-hydropower projects.
The proposed combination involves the acquisition by OHPC of 49 percent equity shares in OPGC from AES OPGC Holding and AES India, pursuant to the Share Sale and Purchase Agreement.
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