A joint venture between state-owned majors — oil and gas explorer ONGC Ltd and thermal power giant NTPC Ltd — has acquired a 100 per cent equity stake in Bengaluru-based Ayana Renewable Power Private Ltd for ₹19,500 crore ($2.3 billion).
The deal marks the first strategic investment by government-owned companies in India’s renewable energy sector. The announcement was made at the India Energy Week in New Delhi.
It is the second-largest acquisition in the country’s renewable energy sector, following Adani Green Energy’s 2021 purchase of SoftBank’s renewable energy assets in India for ₹26,000 crore.
ONGC-NTPC Green Energy Ltd (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), completed the transaction. The company acquired stakes from the National Investment and Infrastructure Fund (NIIF), British International Investment Plc (BII) and its subsidiaries, and Eversource Capital.
NGEL, the green energy arm of NTPC, was listed on the stock exchanges in September last year.
This is ONGPL’s first strategic investment since its inception in November 2024. Ayana currently has 4 gigawatts (Gw) of operational and under-construction assets.
Sanjay Kumar Mazumder, CEO of ONGC Green Limited, described the acquisition as a major milestone for both public sector firms in their push for clean energy. “As two of India’s largest Maharatna PSUs, we recognise 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,” he said.
In a joint statement, the companies said the deal aligns with the net-zero targets of ONGC and NTPC, set for 2038 and 2050, respectively. ONGPL now plans to use Ayana’s platform to expand further in the sector.
“This also aligns with our mission of achieving the ambitious target of 60 Gw by FY32 and moving forward to become one of the leading developers of utility-scale renewable energy projects in the country, thereby meeting the expectation of our shareholders at each and every step,” said Rajiv Gupta, CEO of NGEL.
Ayana was founded by BII in 2018 and later received investment from NIIF and Eversource Capital in 2019. Srini Nagarajan, managing director and head of Asia at BII, said: “BII launched Ayana in 2018 to catalyse India’s renewable energy sector. Having mobilised over $1 billion in capital alongside NIIF and Eversource, we are proud of Ayana’s achievements and excited for its future under ONGPL’s leadership.”
For this acquisition, Deloitte Touche Tohmatsu India LLP served as ONGPL’s transaction advisor, with JSA Advocates and Solicitors providing legal counsel. On the sellers’ side, Standard Chartered acted as transaction advisor, while Khaitan & Co and Cyril Amarchand Mangaldas provided legal advisory services, according to a company statement.
Green deals
The biggest acquisitions in India’s green energy sectors
₹26,000 crore the amount Adani Green paid to acquire SoftBank’s RE assets in India (2021)
₹19,500 crore is the price ONGPL paid to take over Ayana Renewable Power (2025)
₹12,468 crore is the value of JSW Neo Energy’s deal to acquire O2 Power’s RE platform (2024)
