ONGC and NTPC Green Energy JV to Acquire Ayana Renewable Power for ₹19,500 Crore

ONGC NTPC Green Pvt. Ltd. (ONGPL), a 50:50 joint venture between ONGC Green and NTPC Green Energy, has announced a significant move in the renewable energy sector. The joint venture has signed a share purchase agreement to acquire 100% equity in Ayana Renewable Power for a substantial sum of ₹19,500 crore. The acquisition will see ONGPL take ownership of Ayana Renewable Power from a consortium of sellers, including the National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables, British International Investment Plc (BII), and Eversource Capital. This strategic acquisition marks a major step for ONGPL, significantly boosting its renewable energy portfolio and solidifying its presence in the market. Ayana Renewable Power is a prominent player in the renewable energy space, and this deal is expected to bring considerable synergies to the joint venture. The substantial investment underscores the commitment of ONGC and NTPC Green Energy to expanding their footprint in the renewable energy sector and contributing to India's clean energy transition. The acquisition is subject to customary regulatory approvals and is expected to be finalized in due course. Financial analysts are likely to scrutinize the deal closely, assessing its potential impact on the involved companies and the broader renewable energy landscape in India.