CCI Clears ONGC-NTPC Green’s ₹19,500 Crore Acquisition of Ayana Renewable

12 Mar 2025 , 08:56 PM

ONGC-NTPC Green’s proposal to purchase Ayana Renewable Power for ₹19,500 crore ($2.3 billion) was approved by the Competition Commission of India (CCI) on March 11, 2024

ONGPL is a 50:50 joint venture between ONGC Green (a wholly owned subsidiary of ONGC Ltd) and NTPC Green Energy Ltd (a wholly owned subsidiary of NTPC Ltd). As per CCI’s official announcement, the acquisition entails that ONGPL will acquire 100% of Ayana Renewable Power’s equity share capital.

ONGPL signed a share purchase agreement last month to complete the transaction. The current shareholders of Ayana include:

• 51% stake in National Investment and Infrastructure Fund (NIIF)
• British International Investment Plc (BII) and its subsidiaries — 32% stake
• Eversource Capital — 17% stake

It is India’s second largest renewable energy deal, behind Adani Green Energy Ltd’s $3.5 billion purchase of SB Energy India in October 2021. Ayana Renewable Power is a major player in India’s renewable energy market and has:

• 4.1 GW of operating and under-construction projects distributed across resource-abundant states.
• 3 GW in various stages of development including solar, wind, hybrid and round-the-clock (RTC) renewable projects, supported by power purchase agreements.
• Plans to commission a 300-MW solar project and a 140-MW wind power asset in FY25, with the remainder to be developed in FY26 and FY27.

ONGC Green (OGL) is focused on solar, wind, and energy storage, and is continuously building its portfolio through greenfield and brownfield acquisitions. NTPC Green Energy Ltd (NGEL) is driving NTPC’s renewable energy growth, aiming for 60 GW of renewable capacity by 2032.

National Investment and Infrastructure Fund (NIIF) is India’s sovereign-linked asset manager, overseeing $4.4 billion in equity capital commitments.

British International Investment Plc (BII) is the UK’s development finance institution, supporting sustainable economic growth in emerging markets. Eversource Capital manages one of the largest climate-focused investment funds, with a focus on energy transition, industrial decarbonization, and urban sustainability.