Oil and Natural Gas Corporation Ltd (ONGC) has approved a ₹3,300 crore investment in its wholly owned subsidiary, ONGC Green Limited (OGL), through a rights issue. The funding will support the acquisition of a 100% equity stake in Ayana Renewable Power Private Limited.
Acquisition Through ONGC-NTPC Joint Venture
ONGC will execute the acquisition through ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between OGL and NTPC Green Energy Limited (NGEL). This partnership strengthens ONGC’s commitment to expanding its renewable energy portfolio.
Ayana’s Renewable Energy Portfolio
Ayana Renewable Power, a leading renewable energy platform, has a 4.1 GW portfolio of operational and under-construction assets. As reported by cnbctv18.com, the projects are strategically located in resource-rich states, reinforcing India’s clean energy transition.
