ONGC NTPC Green Limited (ONGPL), a joint venture (JV) between ONGC Green and NTPC Green Energy Limited, has signed a share purchase agreement to acquire a 100 per cent equity stake in Ayana Renewable Power for Rs 195 billion. The agreement was finalised with the National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries, and Eversource Capital. NIIF is the majority shareholder in Ayana.
For this transaction, Deloitte Touche Tohmatsu India served as ONGPL’s transaction advisor, while JSA Advocates and Solicitors provided legal counsel. On the sellers’ side, Standard Chartered acted as the transaction advisor, with Khaitan & Co and Cyril Amarchand Mangaldas offering legal support. The deal remains subject to regulatory approvals and the fulfilment of conditions precedent.
This acquisition marks ONGPL’s first investment since its establishment in November 2024. Furthermore, ONGPL stated that the acquisition aligns with the long-term objectives of ONGC and NTPC to achieve net-zero emissions by 2038 and 2050, respectively. The company plans to utilise Ayana’s platform to support future expansion in the renewable energy sector.
