Last checked at 16 Jul 2009 12:30
OPG POWER VENTURES Plc
AGM STATEMENT
OPG Power Ventures plc ("The Group" or "OPG"), the AIM listed owner and operator of power stations in India, is pleased to announce that at the Annual General Meeting (AGM) of the Group held today all of the resolutions proposed in the notice of the meeting were duly passed.
The Board approved the rules of the Group's share options. Please see today's separate statement for details of the scheme and the option grants made to directors.
The Chairman, Mr M C Gupta, while speaking at the AGM said:
"The past year has been both exciting and challenging given world events. OPG remains on course to deliver its first phase plan of a total output capacity of 407MW by 2012/13. Another milestone has been achieved in July with the connection of the 77MW plant at Chennai to the State Grid. This plant will come on stream in the final quarter of the year producing significant cashflows. The Board is optimistic about the prospects for the Group."
Enquiries:
For further information, please visit www.opgpower.com or contact:
| OPG Power Ventures Plc | |
| Arvind Gupta (Managing Director) | +44 (0) 7814 830 893 +91 (0) 98400 96299 +91 (0) 44 429 11 222 |
| V. Narayan Swami (Finance Director) | +91 (0) 99400 17927 +91 (0) 44 42911214 |
| Martin Gatto (Senior Non Executive Director) | +44 (0) 7778 749 223 |
| Cenkos Securities (Nominated Adviser & Broker) | +44 (0) 20 7397 8900 |
| Stephen Keys/ Camilla Hume | |
| Tavistock Communications | +44 (0) 20 7920 3150 |
| Simon Hudson / Nick Peters/ Andrew Dunn |
Note to editors:
OPG Power Ventures Plc is a profitable developer and operator of power plants in India. India's rapid economic growth has been constrained by power shortages and the government has deregulated the industry with a new open market framework allowing developers into the market. The Group Captive Power Producers Scheme, introduced in 2005, allows companies such as OPG to build new power plants to supply electricity directly to groups of customers at mutually agreed prices and the Group has substantial capacity expansion plans.
OPG has two plants, generating 29MW, in profitable operation, a further two under construction and two more in the pipeline for medium term development. Taking advantage of the new regulatory environment, OPG intends to have over 400MW in operation by 2012/13.