ONGC NTPC Green completes acquisition of Ayana for ₹6,248.5 crore

The acquisition was completed on March 27 for a cash consideration of Rs 6,248.50 crore at Rs 23.22 per share, NGEL said in an exchange filing

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ONGC NTPC Green Pvt Ltd (ONGPL) has completed acquisition of 100 per cent equity stake in Ayana Renewable Power for ₹6,248.50 crore.

ONGPL is a 50:50 joint venture of NTPC Green Energy Ltd (NGEL) and ONGC Green Ltd.

The acquisition was completed on March 27 for a cash consideration of ₹6,248.50 crore at ₹23.22 per share, NGEL said in an exchange filing.

The Competition Commission of India had given its approval for the acquisition on March 11, 2025.

NGEL contributed 50 per cent, that is ₹3,124.25 crore to the total acquisition cost, it said.

Through this acquisition, NGEL aims to expand its capacity in the renewable energy sector to meet its target of 60 GW renewable capacity by 2032.

Ayana, a leading renewable energy platform, has capacity of approximately 4,112 MW (2,123 MW operational and 1,989 MW under-construction), strategically located across resource-rich states.

Its portfolio is backed by high-credit-rated offtakers such as SECI, NTPC, Gujarat Urja Vikas Nigam Ltd (GUVNL), and Indian Railways.

Ayana posted a turnover of ₹856.4 crore in 2023-24.