AES stake in Orissa

AES stake in Orissa

US developer AES Corp. announced that it has signed a Shareholders Agreement with the government of Orissa as part of the process to acquire a 49 per cent stake in the Orissa Power Generation Corp. (OPGC) for some $144m.

The acquisition is subject to receipt of government approvals and is expected to be complete by the first quarter of 1999.

OPGC owns and operates a 420 MW mine-mouth coal fired power station in Orissa. Electricity from the plant is sold to the Grid Corp. of Orissa under the terms of a 30-year power purchase agreement.

– US-based oil and gas company Occidental has pushed ahead a proposal of National Thermal Power Corporation (NTPC) of India to set up a 1000 MW gas fired power plant in Bangladesh.

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