AES has threatened to pull out of power distribution in Orissa and has also filed an arbitration petition to recover its dues from the state-owned transmission company Gridco.
Addressing mediapersons here today, president and CEO of AES Corp, Dennis Bakke, said that the company faced serious problems in both its generation and distribution business in Orissa.
On the possible solutions, Bakke said that in the short term, AES would sell its 51 per cent stake in Cesco, the distribution company, to Gridco/government or any other third party.
Also Read
He added that AES would be willing to continue to manage the day-to-day operation of the company under a management contract for a reasonable transition period.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app