ONGPL Completes 100% Acquisition Of Ayana Renewable

ONGPL Completes 100% Acquisition Of Ayana Renewable

ONGC NTPC Green Private Limited (ONGPL), a 50:50 Joint Venture Company of NTPC Green Energy Limited and ONGC Green Limited, has completed the acquisition of 100% equity stake in Ayana Renewable Power Private Limited on 27th March 2025, a media statement from the venture said today.

Ayana, a renewable energy platform, has a capacity of around 4,112 MW (2,123 MW of operational and 1,989 MW of under-construction assets), located across resource-rich states. Its portfolio is backed by high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways. With this acquisition, the total operating capacity of NTPC Green Energy Limited reached 5.9 GW, including its subsidiaries and Joint Ventures as of the date, the firm said.

Earlier, India’s largest il and gas producer, Oil and Natural Gas Corporation (ONGCC) and India’s power behemoth NTPC had announced plans tom acquire the firm through the joint venture. The acquisition’s enterprise value was pegged at Rs 19,500 crore.

To undertake the acquisition, the joint venture (ONGPL) had signed a share purchase agreement with the current stakeholders National Investment and Infrastructure Fund (NIIF) (51 percent), British International Investment Plc (BII) and its subsidiaries (32 percent), and Eversource Capital (17 percent).

The venture had planned to acquire a 100 percent equity stake in Ayana Renewable Power (Ayana). The enterprise value included the company’s equity and debt. As per the plan and ONGPL would pay an undisclosed sum to the owners of Ayana as well as take over debt of the company as part of the deal.