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
Real Estate

Kerala HC Orders Demolition, Reconstruction of Chanderkunj Army Towers

The Kerala High Court has ordered the demolition and reconstruction of Towers B and C of the Chanderkunj Army Towers at Silver Sand Island, Vyttila, citing severe structural distress. The verdict follows a prolonged legal battle over the poor quality of construction, despite the Army Welfare Housing Organisation (AWHO) arguing for retrofitting instead of demolition. Justice CP Mohammed Nias ruled that the demolition was necessary to prevent casualties and safeguard residents. The court directed the district collector to form a committee comprising an experienced structural engineer, two r..

Next Story
Infrastructure Urban

Nitish Kumar Unveils Rs 13.28 Billion Projects in Bhagalpur

Chief Minister Nitish Kumar inaugurated 146 development projects worth Rs 13.28 billion during his ‘Pragati Yatra’, urging officials to accelerate the region’s progress. The projects span multiple sectors, including 18 smart city initiatives, six schemes for the building department, 32 for rural development, and several others covering road construction, health, and SC/ST welfare. Additionally, Kumar laid the foundation stone for 63 new projects, with 35 dedicated to rural development. During his visit, he launched key initiatives at Bihar Agricultural University in Sabour, inc..

Next Story
Infrastructure Transport

Indian Railways Upgrades 23,000 Track Kilometres for 130 kmph Speed

Indian Railways has upgraded over 23,000 track kilometres (TKM) to support speeds of up to 130 kmph, marking a significant milestone in its modernisation efforts. This initiative enhances connectivity, reduces travel time, and strengthens safety measures through advanced signalling and fencing systems. Key sections of the Golden Quadrilateral and Golden Diagonal networks—critical corridors linking major cities—are now equipped for higher speeds, improving passenger and freight movement. Additionally, 54,337 TKM of tracks have been upgraded for speeds up to 110 kmph, further boosting n..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?