ONGC NTPC Green JV to Acquire Ayana Renewable Power for ₹19,500 Crore

NTPC Green Energy announced on February 12 that its joint venture with ONGC, ONGC NTPC Green Private Ltd (ONGPL), has signed a share purchase agreement (SPA) to acquire a 100% stake in Ayana Renewable Power Private Ltd for an enterprise value of ₹19,500 crore ($2.3 billion).

The acquisition aims to boost ONGPL’s renewable energy portfolio and contribute to India’s transition to clean energy.

Details of the Acquisition

The acquisition involves the purchase of Ayana Renewable Power from its current stakeholders, including the National Investment and Infrastructure Fund (NIIF), BII South Asia Renewables Ltd, British International Investment Plc (BII), and Eversource Capital.

Ayana is one of India’s leading renewable energy companies, specialising in large-scale solar and wind power projects.

Strategic Move for Expanding Renewable Energy Portfolio

This acquisition marks a key milestone for ONGPL, being its first strategic move since the joint venture was established in November 2024. It accelerates ONGPL’s expansion into the renewable energy sector and underscores its commitment to sustainability.

The deal is in line with the broader goals of ONGC and NTPC, the parent companies of ONGPL, both of which aim to achieve net-zero emissions by 2038 and 2050, respectively.

Regulatory Approvals Pending

The completion of the transaction is subject to fulfilling conditions precedent and receiving the necessary regulatory approvals. Once finalised, the acquisition will significantly enhance ONGPL’s footprint in India’s growing renewable energy market.

Stock Performance 

On February 13, 2025, NTPC share price traded 0.34% higher at ₹307.30 at 11:37 AM (IST). NTPC’s share price reached a 52-week high of ₹448.30, and a 52-week low of ₹296.85. As per BSE, the total traded volume for the stock stood at 3.12 lakh shares with a turnover of ₹9.57 crore.

At the current price, NTPC shares are trading at a price-to-earnings (P/E) ratio of 15.33x, based on its trailing 12-month earnings per share (EPS) of ₹20.04, and a price-to-book (P/B) ratio of 1.91, according to exchange data.

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