ONGC NTPC Green Pvt Ltd (ONGPL) has successfully completed the acquisition of a 100% equity stake in Ayana Renewable Power for Rs 6,248.50 crore.
ONGPL, a 50:50 joint venture between NTPC Green Energy Ltd (NGEL) and ONGC Green Ltd, finalized the acquisition on March 27, with a cash consideration of Rs 23.22 per share, NGEL confirmed in an exchange filing.
The Competition Commission of India (CCI) had approved the transaction on March 11, 2025. NGEL contributed Rs 3,124.25 crore, making up 50% of the acquisition cost.
This acquisition aligns with NGEL’s strategic goal of expanding its renewable energy capacity to 60 GW by 2032. Ayana Renewable Power, a key player in the sector, has a total capacity of 4,112 MW, including 2,123 MW operational and 1,989 MW under construction, spread across resource-rich states.
Ayana’s portfolio benefits from high-credit-rated off-takers, including SECI, NTPC, Gujarat Urja Vikas Nigam Ltd (GUVNL), and Indian Railways. The company recorded a turnover of Rs 856.4 crore in 2023-24, further reinforcing its financial strength and market position.
This acquisition marks a significant milestone in India’s renewable energy landscape, positioning ONGPL as a key contributor to the nation’s clean energy transition.
