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

02 Jun 2026

VECV Sales Rise 7.8 Per Cent In May 2026

VE Commercial Vehicles recorded sales of 7,978 units in May 2026, compared to 7,401 units in May 2025, registering growth of 7.8 per cent. This included 7,789 units from the Eicher brand and 189 units from the Volvo brand.Eicher branded trucks and buses reported sales of 7,789 units during the month, up 7.3 per cent from 7,258 units a year earlier. In the domestic commercial vehicle market, Eicher sales rose 9.1 per cent to 7,375 units from 6,758 units in May 2025.Exports declined 17.2 per cent to 414 units from 500 units in the corresponding month last year. Volvo Trucks and Volvo Buses recor..

Table Space Strengthens DESYN Leadership Team

Table Space has announced strategic leadership appointments within DESYN, its integrated Design and Build business, as it looks to strengthen operations across key enterprise and GCC markets in India. DESYN was launched as a strategic extension of Table Space’s workspace solutions portfolio to meet rising demand for agile, high-quality and rapidly deployable enterprise workspaces.Shruti Ookabhoy has joined DESYN as Executive Director and will lead the Design vertical, focusing on design capability, operational excellence and team development across markets. She brings over 22 years of experi..

Concord Associate Bags Rs 2.79 Bn Kavach Order

Concord Control Systems said its associate company, Progota India, has received a Rs 2.79 bn domestic order from Indian Railways for the supply, installation, testing and commissioning of on-board Kavach 4.0 loco equipment.The order is scheduled for execution within 12 months and strengthens Concord’s role in India’s railway safety and signalling ecosystem. Kavach is India’s indigenous automatic train protection system, designed to improve operational safety by helping prevent signal passing at danger and reducing collision risks.Gaurav Lath, Joint Managing Director, Concord Control Syst..