In a significant move that underscores India’s commitment to renewable energy expansion, the Competition Commission of India (CCI) has approved the acquisition of Ayana Renewable Power Private Ltd by ONGC NTPC Green Private Ltd.
This transaction signals a strategic consolidation in India’s green energy sector, aligning with the nation’s long-term sustainability goals.
Ayana Renewable Power, along with its affiliates, operates in the power sector, focusing on renewable energy generation and power transmission. The company has played a pivotal role in India’s push toward clean energy, developing large-scale solar and wind projects across the country. The acquisition by ONGC NTPC Green Private Limited, a joint venture between ONGC Green Limited and NTPC Green Energy Limited, represents a significant boost to India’s renewable energy landscape.
Interestingly, ONGC NTPC Green Private Limited is currently not engaged in any business activities. However, its parent companies—Oil and Natural Gas Corporation Limited (ONGC) and NTPC Limited—are two of India’s largest energy giants, each making aggressive strides in the renewable energy sector. The acquisition of Ayana Renewable Power provides the newly formed joint venture with an immediate and well-established foothold in the green energy market.
This approval comes at a time when India is aggressively working towards its ambitious renewable energy targets, aiming for 500 GW of non-fossil fuel capacity by 2030. With major corporations consolidating their presence in the renewable energy space, this deal is expected to accelerate India’s transition towards a cleaner and more sustainable energy mix.
The financial details of the acquisition have not been disclosed, but given Ayana’s substantial portfolio in the renewable energy sector, the deal is expected to be a significant one. The detailed order of the Competition Commission will follow, shedding more light on the regulatory aspects of the transaction.
With this approval, ONGC and NTPC—both traditionally associated with fossil fuel and thermal power generation—are signaling a strong commitment to diversifying their energy portfolio. By leveraging Ayana’s operational expertise and existing renewable assets, the ONGC-NTPC joint venture is poised to play a crucial role in shaping India’s future energy landscape, say economy watchers.
Industry analysts view this acquisition as a strategic play to gain an edge in India’s increasingly competitive renewable energy sector. As global and domestic policies shift toward sustainability, consolidations like this could set the stage for a new era of energy leadership in the country, they added.
