Ramakanta Biswas

The Odisha government has initiated the process for the proposed disinvestment of 49 per cent stake in Odisha Power Generation Corporation (OPGC), a profit-making Public Sector Undertaking (PSU). 

The move came just two years after the State government bought back its 49 per cent share in OPGC from an US-based company, AES Corporation Ltd. 

The OPGC, which was incorporated on November 14, 1984, operates thermal power plants of 1740 MW capacity at Banharpali, Jharsuguda, Odisha.

“Expression of Interests (EOIs) are hereby invited from Interested Bidders (IBs) for purchase of 49% shareholding of Government of Odisha in Odisha Power Generation Corporation (OPGC),” read the notification issued by the energy department.

“OPGC is 100% owned by Govt. of Odisha. Govt. of Odisha proposes to undertake a disinvestment of 49% of its stake in OPGC in favour of a technically and financially capable entity (Government / Private) having established track record of operating thermal power plants. The Share Holders Agreement (SHA) would have provisions to protect the interest of the minority investor,” the notification added.

As per the notification, the disinvestment will be completed in a two-stage process. SBI Capital Markets Limited (SBICAP) is acting as Transaction Advisor for the process.

The deadline to submit the EOI by February 28, 2023. 

“Interested Bidders who meet the eligibility criteria mentioned in the PIM, may submit their EOI in physical form in a sealed, 
covering envelope clearly marked “Private and Confidential – Expression of Interest for the Disinvestment of OPGC” at the address mentioned below, on or before 5:00 PM (Indian Standard Time) of 28th February 2023,” the notification added.

Reported by Harihar Chand, OTV