A joint venture between ONGC and NTPC has acquired 100 percent of Bengaluru-based Ayana Renewable Power for Rs 19,500 crore (USD 2.3 billion). This marks the first strategic investment by government-owned companies in India's renewable energy sector.

The acquisition, announced at India Energy Week, is the second-largest in the country's renewable energy market, following Adani Green Energy's 2021 deal. The transaction was completed by ONGC-NTPC Green Energy (ONGPL), a 50:50 joint venture between ONGC Green (OGL) and NTPC Green Energy (NGEL). ONGPL acquired stakes from the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII), and Eversource Capital.

The deal will help ONGPL expand and reach a 60 GW target by FY32. Ayana Renewable Power has four GW of operational and under-construction assets, and the acquisition is seen as a key step in India's transition to clean energy.

Deloitte Touche Tohmatsu India served as ONGPL’s transaction advisor, with legal counsel from JSA Advocates and Solicitors. Standard Chartered acted as transaction advisor for the sellers, with Khaitan & Co and Cyril Amarchand Mangaldas providing legal advisory services.