Odisha nixes Adani plan, invokes RoFR to buy AES stake in power project

State govt to pay Rs 1,000 cr for 49% holding in complete reversal of privatisation drive; It already owns 51% in OPGC which owns and runs a 1,740 Mw coal-fired plant

In a complete reversal of its privatisation policy, the Odisha government has decided to exercise its right of first refusal (RoFR) to buy out 49 per cent equity stake held by US-based AES Corporation in Odisha Power Generation Corporation (OPGC) for Rs 1,000 crore.  

The state government holds a 51 per cent stake in OPGC, which owns and operates a 1,740-megawatt (Mw) coal-fired power plant in the state.

By invoking its RoFR in August-end, the Odisha government has put a major hurdle in Adani Power’s plan to buy out AES’ stake, announced in June this year.

“The Odisha government had