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

14 Feb 2025 CW Team

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

Infrastructure Energy

19 Sep 2025

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..