ONGPL Acquires Ayana in Landmark INR 19,500 Renewable Energy Deal

India’s largest oil and gas producer Oil and Natural Gas Corp (ONGC) and nation’s biggest power company NTPC acquired renewable energy firm Ayana through their joint venture ONGC-NTPC Green Pvt Ltd (ONGPL), for an enterprise value of INR 19,500 crore (USD 2.3 billion). 

ONGPL has signed a share purchase agreement with the current stakeholders National Investment and Infrastructure Fund (NIIF) (51 per cent), British International Investment Plc (BII) and its subsidiaries (32 percent), and Eversource Capital (17 percent), to acquire a 100 percent equity stake in Ayana Renewable Power (Ayana). The enterprise value includes the firm’s equity and debt, and ONGPL would pay an undisclosed sum to the owners of Ayana as well as takeover debt of the company as part of the deal.

The acquisition is ONGPL’s first strategic investment since its inception in November last year, significantly expanding its renewable energy portfolio to around 4.1 GW of operational and under-construction renewable energy assets, located across resource-rich states.  The completion of this transaction is subject to regulatory approvals and fulfilment of conditions precedent.

In July 2024, ONGC published a decarbonisation roadmap that outlines the firm’s goal to achieve net-zero operational emissions by 2038. ONGC plans to invest about Rs 2 lakh crore in setting up renewable energy sites and green hydrogen plants and cutting gas flaring to meet the target. 

Sanjay Kumar Mazumder, CEO, ONGC Green, said, “The acquisition of Ayana is a strategic milestone in ONGC Green Ltd and NTPC Green Energy Ltd’s pursuit of a clean energy revolution. As two of India’s largest Maharatna public-sector units, we recognize our responsibility in driving the nation’s green energy ambitions. This acquisition propels us forward in accelerating India’s transition to a low-carbon economy, leveraging our technical expertise, industry relationships, and financial strength.”

With limited experience in the renewable energy sector, ONGC partnered with NTPC Ltd and pursued an inorganic growth strategy.

Rajiv Gupta, CEO, NTPC Green Energy, added, “The acquisition of Ayana Renewables platform by ONGC NTPC Green is one of the historic deals by the two Maharatna behemoth in the clean energy sector. This underscores our commitment to energy transition goals and leverages our advanced technical and industry experience alongwith financial strength. This also aligns with NGEL’s mission of achieving the ambitious target of 60 GW by FY 2032 and moving forward to become one of the leading developer of utility-scale renewable energy projects in the country, thereby meeting the expectation of our shareholders at each and every step.”

ONGPL will leverage Ayana’s platform for further expansion and growth. Notably, Ayana’s portfolio is secured by financially strong off-takers, including Solar Energy Corporation of India, NTPC, Gujarat Urja Vikas Nigam Ltd, and Indian Railways.

Deloitte Touche Tohmatsu India LLP served as ONGPL’s transaction advisor, while JSA Advocates and Solicitors handled legal matters for the acquisition. On the sellers’ side, Standard Chartered provided transaction advisory services, with Khaitan & Co and Cyril Amarchand Mangaldas as legal counsel.

The agreement was signed on the second day of India Energy Week (IEW) 2025, held at Yashobhoomi, New Delhi. At the IEW 2025, Prime Minister Narendra Modi reiterated India’s target of achieving 500 GW of renewable energy, 5 million tonnes of green hydrogen per annum output by 2030.