SunstarTV Bureau: The Competition Commission of India (CCI) has approved acquisition of shares of Odisha Power Generation Corporation Ltd (OPGC) by Odisha Hydro Power Corporation Limited (OHPC) under Section 31(1) of the Competition Act, 2002.
OHPC is a Public Sector Undertaking (PSU) wholly-owned and controlled by the Government of Odisha. It is engaged in the business of generation of power from renewable sources like, 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, US 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.
The proposed combination involves the acquisition by OHPC of 49% equity shares in OPGC from AES OPGC Holding and AES India, pursuant to the Share Sale and Purchase Agreement.