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
Infrastructure Energy

REC Transfers HVDC Project to Power Grid

REC Limited has successfully handed over the Special Purpose Vehicle (SPV) for a High-Voltage Direct Current (HVDC) transmission project to Power Grid Corporation of India Limited (PGCIL). This strategic move aligns with the nation's objectives to strengthen its power transmission network. Key Highlights: Project Overview: The HVDC project, under the inter-state transmission system (ISTS) initiative, is a critical component of India's push toward robust and efficient electricity transmission. It aims to handle bulk power transfer across long distances while ensuring minimal losses. Role of RE..

Next Story
Infrastructure Transport

NF Railway Collaborates with IIT Guwahati

The Northeast Frontier (NF) Railway has signed strategic Memorandums of Understanding (MoUs) with IIT Guwahati to foster technological advancements and improve railway operations in the region. This partnership focuses on innovative solutions to enhance safety, efficiency, and sustainability in rail infrastructure. Key Highlights: Purpose of MoUs: The collaboration aims to leverage IIT Guwahati's expertise in technology and research for implementing cutting-edge solutions across railway operations. Key areas of focus include: Automation and digitization in maintenance. Sustainability initiati..

Next Story
Infrastructure Transport

Danapur Division Modernization Plans Revealed

The Railway Board has unveiled ambitious plans for the expansion and modernization of the Danapur Division, a critical hub under the East Central Railway. The initiative focuses on infrastructure development, enhanced passenger amenities, and operational efficiency. Key Highlights: Scope of Modernization: The Railway Board's blueprint emphasizes: Upgrading existing infrastructure to accommodate more passenger and freight traffic. Improving station facilities, such as platforms, waiting areas, and connectivity. Introducing advanced signal systems for safer and smoother operations. Freig..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000