A joint venture between oil and gas explorer ONGC Ltd and thermal power giant NTPC Ltd has acquired a 100% equity stake in Bengaluru-based Ayana Renewable Power Private Ltd.
The deal, valued at ₹19,500 crore, marks a significant milestone in India’s renewable energy sector.
Second-Largest Renewable Energy Acquisition in India
The transaction is the second-largest acquisition in India’s renewable energy sector. It follows Adani Green Energy’s 2021 purchase of SoftBank’s renewable assets for ₹26,000 crore.
Officials made the announcement during India Energy Week in New Delhi. It emphasized the government’s commitment to clean energy initiatives.
ONGPL Expands Renewable Portfolio
ONGC-NTPC Green Energy Ltd (ONGPL) is a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL). ONGPL executed the acquisition.
The company purchased the stakes from multiple entities. These include the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, as well as Eversource Capital.
This is ONGPL’s first major investment since its inception in November 2024. Ayana Renewable currently manages a portfolio of 4 gigawatts (GW) of assets, including both operational and developing projects.
Leaders Highlight Commitment to Sustainability
Sanjay Kumar Mazumder, CEO, ONGC Green Limited stated, “As Maharatna PSUs, we have a responsibility to drive India’s green energy ambitions. This investment accelerates our transition to a low-carbon economy while leveraging our technical expertise, industry relationships, and financial strength”.
Aligning with Net-Zero Goals
The acquisition aligns with ONGC’s and NTPC’s net-zero commitments, set for 2038 and 2050, respectively. ONGPL aims to use Ayana’s platform to expand its footprint in the renewable energy sector.
Future Growth Plans
Rajiv Gupta, CEO, NGEL mentioned, “The acquisition supports our goal of achieving 60 GW of renewable energy capacity by FY32. We are committed to becoming a leading developer of utility-scale renewable projects and delivering value to our shareholders at every step”.
As reported by business-standard.com, ONGC and NTPC have acquired Ayana Renewable. This move strengthens their presence in India’s green energy market and marks a major step toward a sustainable future.
