The Competition Commission of India (CCI) has approved ONGC-NTPC Green Pvt Ltd’s (ONGPL) proposal to acquire renewable energy firm Ayana Renewable Power Pvt Ltd for USD 2.3 billion.

ONGPL is a 50:50 joint venture between ONGC Green (OGL) and NTPC Green Energy Ltd (NGEL). The approval was confirmed through a post on X by the CCI, stating, “CCI approves the proposed combination involving the acquisition of Ayana Renewable Power Pvt Ltd by ONGC NTPC Green Pvt Ltd.”

Last month, ONGPL signed a share purchase agreement to acquire a 100% equity stake in Ayana. With approximately 4.1 GW of operational and under-construction assets located across resource-rich states, Ayana is considered a significant player in India’s renewable energy landscape.

This acquisition marks the second-largest deal in India’s renewable energy sector. The largest transaction remains Adani Green Energy’s (AGEL) acquisition of SB Energy India from SoftBank Group Corp and Bharti Group for USD 3.5 billion in October 2021.

The move aligns with India’s clean energy ambitions and showcases the growing interest in consolidating renewable energy assets under major players like ONGC and NTPC.