BHUBANESWAR: The government of Odisha has floated a global tender to disinvest 49 percent stake in the state-owned Odisha Power Generation Corporation (OPGC).

The move came just 2 years after the Odisha government bought back its 49% share in OPGC from US-based company, AES Corporation Ltd.

"Expression of Interest (EOIs) are hereby requested from Interested Bidders (IBs) for purchase of 49 percent shareholding of the government of Odisha in Odisha Power Generation Corporation (OPGC)," the state Energy Department stated in the tender. The disinvestment process will be completed in a two-stage.  SBI Capital Markets Ltd has been engaged as transaction advisor for the process. By February 28, interested bidders may submit an EOI.

The OPGC was founded in 1984 with the intention of creating, running, and maintaining thermal generating stations, and it began producing power in 1996–1997. The company's 49% ownership was transferred from the Odisha government to AES Corporation Ltd.

For about Rs 1,000 crore in 2020, AES sold all of its stock to the government-run Odisha Hydro Power Corporation (OHPC).

The BJD government has reportedly decided to sell all public enterprises in order to raise substantial sums of money from private businesses for the approaching election.

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