Shares of NTPC Green Energy Ld were trading in the green and 2% higher on 13 February after the company’s 50:50 Joint Venture (JV) with ONGC, ONGC NTPC Green has announced signing a share purchase agreement (SPA) to acquire a 100% stake in Ayana Renewable Power Private Ltd for an enterprise value of Rs 19,500 crore ($2.3 billion).
As per the agreement, Ayana will be acquired by a number of existing stakeholders, including the National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Ltd., British International Investment Plc (BII), and Eversource Capital.
Ayana Renewable Power, one of the top renewable energy companies in India, focuses mostly on large-scale solar and wind projects. ONGPL’s objective to broaden its clean energy portfolio and accelerate India’s shift to renewable energy sources is consistent with this acquisition.
This transaction, which is ONGPL’s first significant acquisition since its establishment in November 2024, fortifies the company’s commitment to sustainability and speeds up its expansion into the renewable energy sector. It supports the overarching objectives of its parent companies, ONGC and NTPC, to achieve net zero by 2038 and 2050, respectively.
According to the statement, the transaction could not be completed until all previous requirements and approvals from the authorities were met.
Sanjay Mazumdar, CEO of ONGC Green, said, “Acquisition of Ayana Renewables platform is a strategic decision of ONGC Green Ltd and NTPC Green Energy Ltd to accelerate the momentum towards clean energy revolution! This acquisition will mark a historic milestone in our journey towards a sustainable energy future. As a joint venture of two biggest Maharatna PSUs, we recognise the accountability to drive India’s green energy ambitions.”
At 2:16 pm, the shares of NTPC Green were trading 0.10% higher at Rs 107.59 on NSE.
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