AES is the only global power company with a continuous presence in India since 1992 demonstrating its long-term commitment to the Indian power market. AES was invited to Odisha, India, in 1992 to develop the Ib Valley thermal power plant soon after Government of India allowed private participation in the power sector. In 1998, AES participated in an international competitive bid process and was the successful bidder for 49% stake in Odisha Power Generation Corporation (OPGC) along with its management control.
We have successfully finalized the transfer of shares we acquired in 1998 from the Government of Odisha, India back to the state after receiving all needed regulatory approvals. With this, AES exited on December 10, 2020 from the thermal power plant and its management will be fully under the control of the new owner.