BHUBANESWAR, Jan 9: A number of multinationals and major Indian industrial houses are looking forward to picking up stakes in Orissa Power Generation Corporation. Among companies which collected interest papers to participate in bidding process are: Enron, Marubeni, Mitsubishi, National Power, Power Gen, AES Transpower, Coastal Power, Houston Industries Energy and Singapore Power.Besides, 10 multinational giants, Indian majors like Tatas, Reliance, Essar, BSES, GVK Industries, Hindalco, Torrent, Larsen & Toubro have also picked up the papers by paying Rs 50,000 each.
The Orissa government, which owns OPGC, has recently decided to disinvest up to 49 per cent of its stake in the utility company. It had invited offers by floating global tenders in December for disinvestment of 26 per cent stake. However, several interested companies said that they would participate in the bidding only if disinvestment was up to 49 per cent.
Buckling under pressure, the state government invited interested parties for a
discussion at New Delhi recently. After several rounds of discussions with representatives of companies offering to purchase shares, it has been agreed upon that while the state government would nominate the chairman of the company, the managing director would be appointed by the party holding 49 per cent stake. The chairman would have right to vote in board meetings.
The state government, meanwhile, has invited interested companies to visit OPGC office and its 2 x 210mw thermal power station at IB Valley between January 10 and February 9. Thereafter they would quote their offers so that a final decision could be taken by end of February. The multinationals whose offer would be accepted would have to make arrangements for full payment towards the purchase of shares by April 25, 1998. OPGC, a wholly-owned company of the state government, is successfully running its 2x210mw thermal power station, set up with an investment of Rs 1200 crore at IB Valley in Orissa.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
