ONGC NTPC Green Private Limited has submitted a combination notice to the Competition Commission of India (CCI) seeking approval to acquire a 100 per cent equity stake in Ayana Renewable Power Private Limited.
The deal, classified under Section 5(d) of the Competition Act, 2002, involves the acquisition of shares, voting rights, and control, marking a significant development in India’s renewable energy sector.
ONGC NTPC Green is a joint venture between ONGC Green Limited and NTPC Green Energy Limited, both wholly owned subsidiaries of Oil and Natural Gas Corporation Limited and NTPC Limited, respectively.
Although the acquiring entity is not yet operational, its parent companies are major players in the Indian energy market, engaged in oil and gas exploration, power generation from both renewable and non-renewable sources, and power transmission.
Ayana Renewable Power, the acquisition target, is a key participant in the country’s renewable energy sector, focusing on power generation from renewable sources and transmission. The proposed transaction aligns with India’s push toward cleaner energy solutions and is expected to strengthen ONGC NTPC Green’s foothold in the industry.
While the exact market delineation remains open, the notice identifies key areas of competition, including power generation in India, renewable energy generation, solar and wind power generation, and power transmission.
Despite overlaps, the parties maintain that the transaction does not raise competition concerns, indicating a likely smooth approval process from the CCI.
The acquisition reflects a broader trend of public sector enterprises consolidating their renewable energy assets to align with India’s sustainability goals. Traditionally focused on fossil fuel-based power, both ONGC and NTPC are increasingly expanding their renewable portfolios. If approved, the deal will further cement ONGC NTPC Green’s position as a key player in the country’s clean energy transition.
With the CCI’s decision pending, the transaction could mark a significant milestone in India’s efforts to scale up its renewable energy capacity, leveraging the expertise and resources of two of the country’s largest energy players, economy watchers said.
