Odisha Govt, AES infuse more funds for OPGC expansion

Odisha Govt, AES infuse more funds for OPGC expansion

The government of Odisha and its strategic partner AES have made additional equity funding of Rs 485 crore for Odisha Power Generation Corporation’s (OPGC) expansion project at a ratio of 51:49.

Quoting officials, a PTI report said the state government has released Rs 247.35 crore in favour of OPGC as equity contribution in proportion to its share of 51 per cent, while US-based AES has brought its share of additional equity of 35.39 million USD as FDI equivalent of Rs 237.65 crore.

The contributions by the two partners has taken OPGC’s paid up equity to about Rs 975 crore from the existing equity base of Rs 490 crore, they said.

“This has demonstrated a positive move by both of the shareholders in line with the broader understanding of mutual cooperation for successful implementation of the ongoing OPGC expansion project of 2×660 MW super critical units at Ib Thermal Power Station,” a senior official reportedly said.