Acquisitions12 Feb 2025, 11:48 pm
ONGPL Acquires Ayana Renewable Power for INR 195 Billion
AI Summary
Oil and Natural Gas Corporation Ltd.'s joint venture, ONGC NTPC Green Private Limited (ONGPL), has signed a Share Purchase Agreement (SPA) to acquire a 100% equity stake in Ayana Renewable Power Private Limited for INR 195 billion (USD 2.3 billion). Ayana, a leading renewable energy platform, has approximately 4.1 GW of operational and under-construction assets. This acquisition marks ONGPL’s first strategic investment since its inception, aligning with the net-zero targets of its parent companies, ONGC and NTPC, by 2038 and 2050, respectively. The transaction is subject to regulatory approvals and fulfilment of conditions precedent.
Key Highlights
- ONGPL to acquire Ayana Renewable Power for INR 195 billion
- Ayana has approximately 4.1 GW of operational and under-construction assets
- Acquisition marks ONGPL’s first strategic investment since inception
- Aligns with ONGC and NTPC’s net-zero targets by 2038 and 2050
- Subject to regulatory approvals and fulfilment of conditions precedent