Adani Power terminates pact to buy 49 per cent stake in Odisha Power Generation Corporation

Adani Power Limited’s (APL) agreement to acquire 49 per cent stake in the Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation has been cancelled. The Odisha government, which holds a 51 per cent stake in OPGC, has exercised its right of first refusal. In June 2020, APL entered into a share sale and purchase agreement to acquire 8.9 million equity shares 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.