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Adani’s bid to buy out AES from Odisha Power falls apart

The Odisha government has scuttled the plans of billionaire Gautam Adani-controlled Adani Power Ltd to acquire a 49% stake in Odisha Power Generation Corp (OPGC) from New York-listed AES Corp.

The state government, which owns 51% of the power producer, has exercised its ‘right of first refusal’ to effectively disallow Adani Power from buying the 49% stake, the company said in a stock-exchange filing on Thursday.

In June, AES had agreed to sell its 49% stake in OPGC to Adani Power for $135 million in cash.

OPGC manages a 1,740 MW power plant in Odisha’s Jharsuguda district.

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