Adani Power terminates pact to buy 49 pc stake in Odisha Power Gen Corp

NEW DELHI: Adani Power NSE 1.91 % on Thursday said the agreement to acquire 49 per cent stake in Odisha Power Generation Corporation (OPGC) from the affiliates of the AES Corporation, is formally junked now. The Odisha government, which holds 51 per cent stake in OPGC, had exercised Right of First Refusal (RoFR) to purchase the 49 per cent stake held by AES.

In June this year, Adani Power had announced inking a share sale and purchase agreement (SSPA) to acquire from AES OPGC Holding and AES India Pvt Ltd (collectively referred as sellers) total 89,30,237 equity shares held in OPGC representing 49 per cent of the total issued, paid-up and subscribed equity share capital.