OPG Power Ventures PLC (LON:OPG) has denied reports it is poised to sell its Chennai coal-fired station for between £102-122mln.

In a statement, the Aim-listed firm said there was no basis for the reports and the board confirms that the company has no intention to sell the plant.

A story in Asia had suggested Adani Power, India’s largest coal-based power generator was interested in the414Mw plant to utilise fully access to coal mines in Indonesia and Australia and port infrastructure on both of India’s coasts.

Shares in OPG rose 7% to 11.5p, valuing it at £43mln.