ONGC- NGEL JV acquires Ayana for INR 6248.50 crores

ONGC NTPC Green Private Limited (ONGPL), a 50:50 Joint Venture Company of NTPC Green Energy Limited (NGEL) and ONGC Green Limited have recently completed acquisition of 100% equity stake in Ayana Renewable Power Private Limited. Ayana, a renewable energy platform, has an approximate capacity of 4112 MW across various resource rich states.

The acquisition comes as a strategic move for NTPC Green, a step towards meeting its objective of 60 GW of renewable capacity by 2032.
The total cost of acquisition is INR 6248.50 crore (@ INR 23.22 per share), post which Ayana will be a wholly owned subsidiary of ONGPL. NGEL’s contribution in the acquisition was 50% (INR 3124.25 crore), funded as equity.

The turnover of Ayana has seen an increasing trend, with the turnover of FY’24 being INR 856.40 crore. The approval of the Competition Commission of India was obtained on 11.03.2025, with the acquisition being completed on 27.03.2025.

Also read: ONGPL signs agreement to acquire 100% stake in Anaya Renewable Power for ₹195 bn ($2.3 bn)