ONGC INR 3,300 crore investment will lead Full Acquisition of Ayana Renewable Power
ONGC Green Limited (OGL), the renewable energy arm of Oil & Natural Gas Corporation, gets Board approval for a Rs 3,300 crore investment to strengthen sustainable energy efforts.
The renewable energy sector of the parent company, ONGC Green Limited (OGL), a wholly owned subsidiary of ONGC, was approved by the Board of Directors of Oil & Natural Gas Corporation (ONGC) for an investment of Rs 3,300 crore.
A regulatory filing to the stock exchanges indicates OGL will use the money to buy 100 percent share in Ayana Renewable Power Private Limited.
ONGC-NTPC Green Pvt Ltd (ONGPL), a 50:50 joint venture between ONGC Green Ltd (OGL) and NTPC Green Energy Ltd (NGEL), inked a share purchase agreement (SPA) to buy a 100 per cent equity investment in Ayana Renewable Power Pvt Ltd (Ayana) in February this year.
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The second largest transaction in the field of renewable energy was this one. In an all-cash transaction totalling USD 3.5 billion, Adani Green Energy (AGEL) had bought SB Energy India from SoftBank Group Corp (SBG) and Bharti Group in October 2021.
The Competition Commission of India cleared ONGC-NTPC Green’s proposal to acquire renewable energy firm Ayana for Rs 19,500 crore earlier in March.
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