NTPC-ONGC Green JV Becomes Top Bidder for Ayana Renewable at $ 650 mn

18 Nov 2024 CW Team

A joint venture between India’s NTPC Green Energy and ONGC Green Energy was reported as the highest bidder for Ayana Renewable Power, having bid approximately $ 650 million, according to two individuals involved in the deal who spoke to Reuters.

The joint venture outbid JSW Energy for the renewable energy firm, which is backed by the quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF).

Ayana Renewable Power, owned by NIIF, British International Investment Fund, and Green Growth Equity Fund, operates solar and wind plants generating 1,600 megawatts in India, with another 2,500 megawatts in projects under construction.

One of the sources shared that after due diligence, NTPC Green Energy and ONGC Green Energy had jointly decided to acquire a 100% stake in Ayana Renewable Power through their joint venture company.

NTPC, ONGC, and Ayana Renewable Power did not immediately respond to Reuters' inquiries.

NTPC Green Energy and ONGC Green Energy had signed an agreement in February of this year to form an equal joint venture.

Large power producers in India are significantly investing in renewables and have made commitments to expand their green energy capacities. The Indian government has pledged to add 500 gigawatts of clean energy by 2030 to reduce carbon emissions.

NTPC Green Energy, a subsidiary of the state-owned NTPC, is aiming for a valuation of up to $10.8 billion in an initial public offering (IPO) next week, which is expected to be India’s third-largest IPO of the year.

Infrastructure Urban

17 Sep 2025

ICMM CEO Rohitesh Dhawan Visits Hindustan Zinc

Hindustan Zinc, India’s only and the world’s largest integrated zinc producer, hosted Rohitesh Dhawan, President & CEO of the International Council on Mining and Metals (ICMM), at its flagship Sindesar Khurd Mine (SKM) in Rajasthan. The visit follows Hindustan Zinc’s induction as the first Indian company into ICMM, marking a significant milestone for India’s mining sector on the global sustainability stage.Dhawan, accompanied by run Misra, CEO of Hindustan Zinc, and the senior leadership team, toured Sindesar Khurd Mine – the world’s fourth-largest silver-producing mine – to ..

Amit Gupta Appointed CFO of Vedanta Jharsuguda Unit

Vedanta Aluminium has announced the appointment of Amit Gupta as Deputy Chief Financial Officer of its aluminium business and Chief Financial Officer of its Jharsuguda unit in Odisha.Gupta has been associated with the Vedanta Group since 2018, beginning as Group Head – FP&A at Vedanta Resources. With over two decades of cross-sector experience, he brings strong expertise in financial strategy, project finance, and business transformation.Prior to this role, he served as CFO of Bharat Aluminium Company (BALCO), where he led finance operations for more than four years. He has also held sen..

Adani Power To Build 2,400 MW Plant in Bihar

Adani Power on Saturday (September 13, 2025) announced plans to set up a 2,400 MW ultra super-critical power plant in Bihar at an investment of $3 billion (around Rs 26.48 billion).The company has signed a 25-year Power Supply Agreement (PSA) with Bihar State Power Generation Company Ltd (BSPGCL) to supply electricity from the project, which will be located at Pirpainti in Bhagalpur district.The PSA follows a Letter of Award issued by BSPGCL to Adani Power on behalf of North Bihar Power Distribution Company Ltd (NBPDCL) and South Bihar Power Distribution Company Ltd (SBPDCL) in August. Adani P..