NTPC and ONGC likely to acquire Ayana Renewable Power
POWER & RENEWABLE ENERGY

NTPC and ONGC likely to acquire Ayana Renewable Power

NTPC Ltd may join Oil and Natural Gas Corporation (ONGC) as an equal partner in ONGC's bid to acquire Ayana Renewable Power, according to sources. ONGC has reportedly outbid JSW Neo Energy and is now in advanced talks with Ayana’s co-owners—India’s NIIF (51%), British International Investment (32%), and EverSource Capital (17%)—to finalise the share purchase agreement.

If the acquisition proceeds, ONGC is expected to use its planned 50:50 green energy joint venture (JV) with NTPC to acquire Ayana in an all-cash transaction. This JV, for which NTPC Green Energy recently sought approval from the Ministry of Corporate Affairs, aims to pursue renewable energy opportunities.

While ONGC is negotiating the terms, insiders suggest the deal may still take months to close, as Ayana’s shareholders may seek to maximise their returns. Bankers are reportedly encouraging JSW to consider improving its bid, although ONGC remains the front-runner.

With NTPC’s expertise in the power sector, a partnership would enable ONGC to mitigate acquisition risks while strengthening its renewable portfolio. Ayana, which operates 1.6 GW of renewable capacity with 3 GW under development, reported a consolidated profit of Rs 460 million on revenue of Rs 8.56 billion for FY24. The current owners have invested Rs 37 billion in the company so far.

This acquisition would mark a significant step for ONGC, which aims to reach 1 GW of renewable assets this fiscal year and scale to 10 GW by 2030, according to Chairman Arun Singh. Established in 2017 by BII, Ayana received investments from NIIF and EverSource, with NIIF increasing its stake to 51% in 2021. (Swarajyamag)

NTPC Ltd may join Oil and Natural Gas Corporation (ONGC) as an equal partner in ONGC's bid to acquire Ayana Renewable Power, according to sources. ONGC has reportedly outbid JSW Neo Energy and is now in advanced talks with Ayana’s co-owners—India’s NIIF (51%), British International Investment (32%), and EverSource Capital (17%)—to finalise the share purchase agreement. If the acquisition proceeds, ONGC is expected to use its planned 50:50 green energy joint venture (JV) with NTPC to acquire Ayana in an all-cash transaction. This JV, for which NTPC Green Energy recently sought approval from the Ministry of Corporate Affairs, aims to pursue renewable energy opportunities. While ONGC is negotiating the terms, insiders suggest the deal may still take months to close, as Ayana’s shareholders may seek to maximise their returns. Bankers are reportedly encouraging JSW to consider improving its bid, although ONGC remains the front-runner. With NTPC’s expertise in the power sector, a partnership would enable ONGC to mitigate acquisition risks while strengthening its renewable portfolio. Ayana, which operates 1.6 GW of renewable capacity with 3 GW under development, reported a consolidated profit of Rs 460 million on revenue of Rs 8.56 billion for FY24. The current owners have invested Rs 37 billion in the company so far. This acquisition would mark a significant step for ONGC, which aims to reach 1 GW of renewable assets this fiscal year and scale to 10 GW by 2030, according to Chairman Arun Singh. Established in 2017 by BII, Ayana received investments from NIIF and EverSource, with NIIF increasing its stake to 51% in 2021. (Swarajyamag)

Next Story
Resources

Madhya Pradesh Champions Inclusive Tourism at Heritage Sites

On the occasion of World Heritage Day, Madhya Pradesh is taking a significant step toward inclusive tourism by making its historical sites accessible to all — especially persons with disabilities. The state is rolling out its ‘Accessibility Infrastructure and Development’ project at Maheshwar, Mandu, Dhar, and Orchha, aiming to create a more welcoming experience at these iconic cultural destinations.The initiative, under the leadership of Chief Minister Dr Mohan Yadav and Tourism Minister Shri Dharmendra Bhav Singh Lodhi, includes infrastructure upgrades such as ramps, Braille signage, w..

Next Story
Resources

Runwal Realty Onboards Sonam Kapoor as Brand Ambassador

Real estate major Runwal has unveiled a refreshed identity as Runwal Realty, signalling a renewed commitment to crafting spaces that stand the test of time. With this refresh, the brand unveils its new philosophy: “Building for Generations to Come” and welcomes Bollywood star and global fashion icon Sonam Kapoor as its brand ambassador. This evolved identity reflects Runwal Realty’s commitment to creating not just homes, but heirlooms—crafted through visionary design, meticulous planning, global design expertise and an unwavering focus on quality. With the customer at its core, each de..

Next Story
Infrastructure Urban

Emerging Trends in Infrastructure and Transport 2025: KPMG

KPMG’s latest report, The Great Reset: Emerging Trends in Infrastructure and Transport 2025 edition, sheds light on the profound changes transforming the global infrastructure landscape. As industries adapt to the challenges posed by climate change, economic pressures, and technological advancements, the report identifies key trends and provides actionable insights for leaders in infrastructure and transport sectors. “In today’s interconnected world, the lack of standardized supply chain practices is not just an operational challenge—it’s an environmental and economic one. We’..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?