The Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002 approves the acquisition of shares of Odisha Power Generation Corporation Ltd (OPGC) by Odisha Hydro Power Corporation Limited (OHPC). OHPC is a PSU wholly-owned and controlled by the Government of Odisha, engaged in the business of generation of power from renewable sources namely, hydroelectric and solar power. 

OPGC is a state-owned joint venture enterprise with Government of Odisha holding 51% shareholding and the remaining 49% shareholding held by AES Corporation, U.S.A 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 hydro power projects. 

State-owned OHPC has applied for the CCI’s nod to acquire the stake from US-based AES Corporation for $135 million (about Rs 1,000 crore) last month. The Odisha state government, holding 51% stake in OPCG, had blocked Adani Power Ltd (APL) from acquiring the AES stake by invoking its right of first refusal in August. The proposed combination involves the acquisition by OHPC of 49% equity shares in OPGC from AES OPGC Holding and AES India, accordance to the Share Sale and Purchase Agreement. “The proposed combination will enable OHPC to explore further strategic growth through unlocking the potential of OPGC in the power sector in India,” the notice filed with the CCI said.

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