ONGC-NTPC Green Energy JV acquire Ayana Renewable for Rs 19,500 cr

This marks the first such strategic investment by a government-owned company in the Indian renewable energy sector. The announcement was made at the India Energy Week in New Delhi.

By Connect Gujarat Desk 12 Feb 2025 in Business

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ONGC-NTPC Green Energy JV acquire Ayana Renewable for Rs 19,500 cr

State-owned oil and gas explorer ONGC Ltd, which has a joint venture with state-owned thermal power giant NTPC Ltd, announced the acquisition of a 100 per cent equity stake in Ayana Renewable Power Private Ltd at a transaction value of Rs 19,500 crore ($2.3 billion).

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This marks the first such strategic investment by a government-owned company in the Indian renewable energy sector. The announcement was made at the India Energy Week in New Delhi.

This is the second-largest acquisition deal in the renewable energy (RE) space in the country, the largest being the acquisition of RE assets of SoftBank in India by Adani Green Energy in 2021, valued at Rs 26,000 crore.

ONGC NTPC Green Energy Ltd (ONGPL), a 50:50 joint venture between ONGC Green Ltd (OGL) and NTPC Green Energy Ltd (NGEL), executed the transaction.

The company bought out the stakes of the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Eversource Capital.

NGEL, the green energy arm of NTPC, was listed on the Indian bourses in September last year.

This is ONGPL’s first strategic investment since its inception in November 2024. Ayana has 4 gigawatts (GW) of operational and under-construction assets.

Sanjay Kumar Mazumder, CEO, ONGC Green Ltd, said the acquisition of Ayana is a strategic milestone for both public sector companies in their pursuit of a clean energy revolution

#India #News #National news #Business #ONGC

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