Oil and Natural Gas Corporation (ONGC) has signed a Share Purchase Agreement (SPA) to acquire a 100% equity stake in Ayana Renewable Power Private Limited, a 4.1 GW renewable energy platform, for an enterprise value of ₹19,500 crore ($2.3 billion).
The agreement, signed on February 12, 2025, is part of ONGC’s commitment to achieving net zero emissions (Scope 1 & 2) by 2038. The acquisition is being executed through ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL).
Key details of the acquisition:
- Acquisition target: Ayana Renewable Power Private Limited
- Enterprise Value: ₹19,500 crore ($2.3 billion)
- Ayana’s portfolio: 4.1 GW of renewable energy assets (operational and under construction)
- ONGC’s renewable energy push: ONGC Green Limited (OGL) was formed to consolidate ONGC’s efforts in the renewable energy sector.
- Condition Precedents: The acquisition is subject to regulatory approvals and fulfillment of conditions as per the Share Purchase Agreement.
The move aligns with ONGC’s strategy to expand into renewable energy through greenfield developments and acquisitions, reinforcing its commitment to sustainability and clean energy growth.
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ONGC