Odisha begins process for floating global tender for disinvestment of 49 % stake in OPGC

By Sukanta Kumar Mohanty

Bhubaneswar, Jan. 17: 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 per cent shareholding of Government of Odisha in Odisha Power Generation Corporation (OPGC),” read the notification issued by the energy department.

“The Odisha government-owned OPGC proposes to undertake a disinvestment of 49 per cent of its stake in favour of a technically and financially capable entity (Government / Private) having established a track record of operating thermal power plants. The Shareholders 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.

February 28,  2023 is the deadline for submitting the EOI.

“Interested bidders who meet the eligibility criteria 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.