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The Competition Commission of India on Tuesday cleared ONGC-NTPC Green's proposal to acquire renewable energy firm Ayana for Rs 19,500 crore (USD 2.3 billion).
ONGC-NTPC Green Pvt Ltd (ONGPL), a 50:50 joint venture between ONGC Green (OGL) and NTPC Green Energy Ltd (NGEL).
"CCI approves the proposed combination involving the acquisition of Ayana Renewable Power Pvt Ltd by ONGC NTPC Green Pvt Ltd," the Competition Commission of India (CCI) said in a post on X.
Last month, ONGPL said it has signed a share purchase agreement to acquire a 100 per cent equity stake in Ayana Renewable Power Pvt Ltd (Ayana).
This is the second biggest deal in the renewable energy space. Adani Green Energy (AGEL) in October 2021 acquired SB Energy India from SoftBank Group Corp (SBG) and Bharti Group in an all-cash deal worth USD 3.5 billion.
Ayana, a leading renewable energy platform, has about 4.1 GW of operational and under-construction assets, strategically located across resource-rich states.
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