On December 8, 2020 The Competition Commission of India (CCI) approved the following acquisition.
Approval for the Acquisition of AES’s 49% stake in OPGC by OHPC
CCI gave the approval for the acquisition of the shares of Odisha Power Generation Corporation Ltd (OPGC) by Odisha Hydro Power Corporation Limited (OHPC) under Section 31(1) of the Competition Act, 2002.
- OHPC acquires 49% equity shares in OPGC from AES OPGC Holdings and AES India Private Limited.
- The proposed combination is as per the Share Sale and Purchase Agreement,
Approval for Acquisition of certain assets of the Prestige Group by Affiliates of Blackstone Group Inc.
i.CCI gave approval to the acquisition of certain assets of the Prestige Group by affiliates of Blackstone Group Inc.
ii.Prestige has signed term sheets to sell a large portfolio of its retail and hotel properties for an enterprise value of about Rs 9,160 crore to Blackstone Group, in November 2020.
Info about the Companies:
Odisha Power Generation Corporation Ltd
- OPGC is a state-owned Joint Venture(JV) enterprise with Government of Odisha holds 51% shareholding and the remaining 49% shareholding is held by AES Corporation, U.S.A through AES OPGC Holding(incorporated in Mauritius) and AES India Private Limited.
- It is the only thermal power generating company owned by Odisha Govt.
- It engages in the power generation business from coal based thermal power plants and mini hydro power projects.
Incorporated– November 14, 1984 under the Companies Act 1956
Chairman– Nikunja Bihari Dhal, IAS(Indian Administrative Service)
Odisha Hydro Power Corporation Ltd.
- It is a Public Sector Undertaking (PSU) wholly-owned and controlled by the Odisha Govt.
- It engages in the power generation business from renewable sources namely, hydroelectric and solar power.
Incorporated– 21 st April 1995 under the companies Act 1956.
Chairman-cum-Managing Director(MD)– Sh Bishnupada Sethi, IAS
Affiliates of Blackstone Group Inc
- The main activity of the affiliates of Blackstone Group Inc(acquirers) is regarding investment holding and related activities.
- Currently they do not have any business operations, in India or worldwide.
- It is to be noted that the acquirers are affiliates of funds advised or managed by the affiliates of The Blackstone Group Inc.
Blackstone Group Inc
- Till now, Blackstone has invested USD 10 billion in the Indian real estate.
- The market value of these real estate assets is USD 50 billion.
Chairman, CEO & Co-Founder – Stephen A. Schwarzman
Headquarters– New York, United States
- It is engaged in the real estate development business in India.
- It has a diversified portfolio of real estate development projects in key segments such as residential, commercial and hospitality across several cities in India.
Recent Related News:
On November 2, 2020 The Competition Commission of India (CCI) under Section 31(1) of the Competition Act, 2002, approved the acquisition of General Insurance Business of Bharti AXA General Insurance Company Limited (Bharti AXA) by ICICI Lombard General Insurance Company Limited (ICICI Lombard).
About Competition Commission of India (CCI):
Headquarters– New Delhi, India
Chairman– Ashok Kumar Gupta
Established by– The Central Government with effect from 14th October 2003