ONGC-NTPC Green Energy JV Buys Ayana Renewable for Rs 195 Bn
POWER & RENEWABLE ENERGY

ONGC-NTPC Green Energy JV Buys Ayana Renewable for Rs 195 Bn

A joint venture between state-owned oil and gas explorer ONGC and thermal power company NTPC has acquired 100 per cent equity in Bengaluru-based Ayana Renewable Power for Rs 195 billion. This acquisition is a landmark as it represents the first major strategic investment by government-owned companies in India’s renewable energy sector. The announcement was made during the India Energy Week in New Delhi.

This transaction is the second-largest in the country’s renewable energy sector, following Adani Green Energy’s acquisition of SoftBank’s renewable energy assets in 2021 for Rs 260 billion. The acquisition was completed by ONGC-NTPC Green Energy (ONGPL), a joint venture of ONGC Green (OGL) and NTPC Green Energy (NGEL), which acquired shares from the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital.

Ayana Renewable Power, which currently has 4 gigawatts (GW) of operational and under-construction assets, was founded in 2018 by BII and later received investments from NIIF and Eversource Capital in 2019. ONGPL’s acquisition of Ayana marks its first strategic investment since its establishment in November 2024. This move aligns with the net-zero targets set by ONGC and NTPC for 2038 and 2050, respectively.

The acquisition is expected to support ONGPL’s goal of expanding its renewable energy footprint, with plans to utilize Ayana’s platform to meet India’s growing demand for clean energy. The transaction was advised by Deloitte Touche Tohmatsu India LLP and supported by JSA Advocates and Solicitors for legal counsel.

News source: Business Standard

A joint venture between state-owned oil and gas explorer ONGC and thermal power company NTPC has acquired 100 per cent equity in Bengaluru-based Ayana Renewable Power for Rs 195 billion. This acquisition is a landmark as it represents the first major strategic investment by government-owned companies in India’s renewable energy sector. The announcement was made during the India Energy Week in New Delhi. This transaction is the second-largest in the country’s renewable energy sector, following Adani Green Energy’s acquisition of SoftBank’s renewable energy assets in 2021 for Rs 260 billion. The acquisition was completed by ONGC-NTPC Green Energy (ONGPL), a joint venture of ONGC Green (OGL) and NTPC Green Energy (NGEL), which acquired shares from the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital. Ayana Renewable Power, which currently has 4 gigawatts (GW) of operational and under-construction assets, was founded in 2018 by BII and later received investments from NIIF and Eversource Capital in 2019. ONGPL’s acquisition of Ayana marks its first strategic investment since its establishment in November 2024. This move aligns with the net-zero targets set by ONGC and NTPC for 2038 and 2050, respectively. The acquisition is expected to support ONGPL’s goal of expanding its renewable energy footprint, with plans to utilize Ayana’s platform to meet India’s growing demand for clean energy. The transaction was advised by Deloitte Touche Tohmatsu India LLP and supported by JSA Advocates and Solicitors for legal counsel. News source: Business Standard

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Vedanta Metal Bazaar Expands to Global Markets

Vedanta Aluminium has expanded its digital e-commerce platform, Vedanta Metal Bazaar, to international markets, enabling overseas customers to order and purchase aluminium products online.The platform will now be available to buyers across Asia, Europe, Africa and the Americas, providing a digital gateway for export transactions with 24x7 access.In FY26, Vedanta Metal Bazaar processed transactions worth nearly $4.1 billion, or over Rs 380 billion, and fulfilled more than 23,000 orders. The platform is also used regularly by more than 550 MSMEs in India alongside large OEM customers.The export ..

Next Story
Infrastructure Urban

Ramky Infrastructure Q1 FY27 Revenue Rises 24.3%

Ramky Infrastructure Limited reported a 24.3% year-on-year increase in consolidated revenue from operations to Rs 471.2 crore for Q1 FY27, compared with Rs 3.79 billion in the corresponding quarter of FY26.Standalone revenue from operations rose 27.5% YoY to Rs 4.51 billion from Rs 3.54 billion, while total standalone income increased 35% to Rs 5.32 billion.Consolidated profit before tax stood at Rs 540.9 million during the quarter. The company highlighted a sharp sequential improvement compared with a pre-exceptional loss of Rs 190.1 million in Q4 FY26.Two of the three projects awarded during..

Next Story
Technology

LTTS Launches AgenticIQ AI Platform for Engineering

L&T Technology Services (LTTS) has launched AgenticIQ, an end-to-end agentic AI platform designed for engineering and manufacturing organisations.The platform is aimed at helping enterprises move beyond isolated AI pilots by enabling autonomous, multi-agent workflows across engineering, product development, manufacturing, industrial operations and customer experience.AgenticIQ is built on LTTS’ Engineering Intelligence portfolio and converts existing engineering capabilities into specialised, reusable AI agents. Its planning-first architecture is embedded into engineering and production ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement