ONGC NTPC Green JV to pick up 100% stake in Ayana Renewable

13 Feb 2025 , 02:44 PM

NTPC Green Limited announced that its 50:50 Joint Venture with ONGC Green Limited has entered into a share purchase agreement (SPA) for acquisition of a 100% stake in Ayana Renewable Power Private Limited for approximately ₹19,500 Crore. The JV undertaking the agreement is named as ONGC NTPC Green Private Limited (ONGPL).

As part of the agreement, the JV will acquire Ayana from existing shareholders, including the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), BII South Asia Renewables Ltd, and Eversource Capital.

Ayana Renewable Power is among India’s major renewable energy organizations, primarily focused on large-scale solar and wind projects. This acquisition is in line with ONGPL’s strategy for expansion of its clean energy portfolio and support India’s energy transition.

This transaction marks a significant achievement for ONGPL, being its first strategic acquisition since its incorporation in November 2024. This shall accelerate the company’s expansion into the renewable energy sector and reinforcing its commitment to sustainability.

Further, acquisition also falls in place with the broader vision of its parent companies (ONGC and NTPC) to fulfill their goals of net-zero by 2038 and 2050, respectively.

The company also stated that transaction completion is subject to fulfilment of conditions precedent and necessary regulatory approvals.

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