The Competition Commission of India (CCI) has given its nod for the acquisition of shares of Odisha Power Generation Corporation Limited (OPGC) by Odisha Hydro Power Corporation Limited (OHPC).
The proposed combination involves the acquisition of 49 per cent equity shares in OPGC from AES OPGC Holding and AES India, pursuant to the share sale and purchase agreement. OHPC is wholly-owned and controlled by the Odisha government. OPGC is a state-owned joint venture enterprise with the Odisha government holding 51 per cent stake. To recall, the Odisha state government, which holds 51 per cent stake in OPCG, had blocked Adani Power Limited (APL) from acquiring the AES stake by invoking its right of first refusal in August. In June, APL had entered into a share sale and purchase agreement with AES for its 89,30,237 equity shares in OPGC.