Adani Power Limited’s (APL) agreement to acquire 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation, has been cancelled after the state government of Odisha rejected the proposal. …
The Odisha government, which holds 51 per cent stake in OPGC, had exercised right of first refusal (RoFR). In June 2020, APL had entered into a share sale and purchase agreement to acquire 8.9 million equity shares held in OPGC from AES OPGC Holding and AES India Private Limited representing 49 per cent of the total issued paid-up and subscribed equity share capital of OPGC. The cash consideration of the proposed sale was $135 million.