REG - OPG Power Ventures - Update

OPG Power VenturesAnnouncement

15/11/2024 13:15

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RNS Number : 4817M  OPG Power Ventures plc  15 November 2024

15 November 2024

 

OPG Power Ventures Plc

("OPG", the "Group" or the "Company")

 

Update

 

OPG (AIM: OPG), the developer and operator of power generation assets in
India, announces that it is the subject of an investigation into alleged
regulatory non-compliance by the Group under the Foreign Exchange Management
Act ("FEMA"). FEMA regulates foreign exchange transactions by Indian entities
or with non-residents, including foreign direct investment into India and
overseas investment by Indian companies.

 

The Group considers that it has undertaken all material transactions,
following professional advice on compliance with FEMA and is confident that it
has been compliant. The Group will offer full co-operation to the
investigation.

 

The Group's plants continue to operate as usual and the Group does not
anticipate any material impact of the investigation process on the Group. The
Group considers that it has a robust track record of corporate governance and
compliance and has full faith and confidence in the regulatory system of
India.

 

Further announcements will be made, in due course, as appropriate.

 

For further information, please visit www.opgpower.com or contact:

 

 OPG Power Ventures PLC                                              Via Tavistock below
 Ajit Pratap Singh

 Cavendish Capital Markets Limited (Nominated Adviser & Broker)      +44 (0) 20 7220 0500
 Stephen Keys/Katy Birkin/George Lawson

 Tavistock (Financial PR)                                            +44 (0) 20 7920 3150
 Simon Hudson / Nick Elwes

 

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