Financial Daily from THE HINDU group of publications
Tuesday, Mar 19, 2002
Financial Daily from THE HINDU group of publications Tuesday, Mar 19, 2002 |
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Mergers & Acquisitions Corporate - Mergers & Acquisitions AES seeks nod to hike stake in Orissa Power Ambarish Mukherjee
NEW DELHI, March 18 THE US-based AES Corporation has sought permission from the Foreign Investment Promotion Board (FIPB) for increasing its holding in Orissa Power Generation Company (OPGC) from 32.75 per cent to 49 per cent. As per the proposal, foreign equity in the company will go up through consolidation of the AES group's holding in OPGC. The Orissa State Government currently owns 51 per cent stake in OPGC while AES OPGC Holding, Mauritius, holds 32.75 per cent stake in the company and the remaining 16.25 per cent stake is held by AES (India) Pvt Ltd, the wholly owned Indian subsidiary of the US power giant. The approved foreign equity in AES (India) is Rs 515 crore. According to the proposal submitted to the FIPB, the 16.25 per cent stake held by AES (India) will be transferred in favour of AES OPGC Holding, Mauritius. The application said the Mauritius-based company has transferred Rs 199.99 crore in favour of AES India, which has been used to repay the loans taken by AES US from ICICI Ltd.
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