Bhubaneswar, June 23 (LocalWire): Adani Power Limited has signed an agreement with US listed company AES Corp to buy its 49% stake in Odisha Power Generation Corp.
AES Corp will end its 22-year long affiliation with the Odisha based energy company.
Government of Odisha holds the balance stake of 51% in the company.
OPGC operates a 1740 MW thermal power plant in Banharpalli, Jharsuguda and this plant is the mainstay of the Odisha state for baseload power supply and amongst the lowest cost power generated in the State.
Adani will buy the stake from the US-based company for $135 million (Rs 1020 crore in cash), Adani Powers said in a stock exchange filing.
The acquisition marks the foray of Adani Power (APL) in Odisha and in a statement, the company said that it marks the Adani Group’s long-term commitment to develop and operate high-quality infrastructure in the State.