CCI approves ONGC-NTPC Green's proposal to acquire Ayana for Rs 19,500 crore
To purchase a 100% equity investment in Ayana Renewable Power Pvt Ltd (Ayana), ONGPL announced last month that it had inked a share purchase agreement.
CCI approves ONGC-NTPC Green's proposal to acquire Ayana for Rs 19,500 crore
On Tuesday, the Competition Commission of India approved ONGC-NTPC Green's plan to pay Rs 19,500 crore (USD 2.3 billion) to acquire the renewable energy company Ayana. A 50:50 joint venture between ONGC Green (OGL) and NTPC Green Energy Ltd (NGEL) is called ONGC-NTPC Green Pvt Ltd (ONGPL).
"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) stated in a post on X.
To purchase a 100% equity investment in Ayana Renewable Power Pvt Ltd (Ayana), ONGPL announced last month that it had inked a share purchase agreement.
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This is the second biggest deal in the renewable energy space. In October 2021, Adani Green Energy (AGEL) 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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