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ONGC And NTPC Could Shake Hands To Bid To Acquire Ayana Renewables
ONGC and NTPC Green Energy may jointly bid for Ayana Renewable Power, attracting significant interest from major energy firms, and boosting their renewable energy portfolios.
Oil and Natural Gas Corporation (ONGC) is reportedly in discussions with NTPC Green Energy to form a consortium to bid for Ayana Renewable Power, a company controlled by the National Investment and Infrastructure Fund (NIIF). According to reports, ONGC and NTPC Green Energy are considering a joint bid, though ONGC might also pursue the acquisition independently.
Ayana Renewable Power
Ayana Renewable Power is an Indian company, classified as a company limited by shares. NIIF holds a 51% stake in the company, while British International Investment owns 32%. The remaining 17% is held by Eversource Capital’s Green Growth Equity Fund. The company is active in the electricity, gas, and water sectors. Additionally, it possesses a pipeline of over 4 GW of solar, wind, and hybrid power projects across various states in India like Andhra Pradesh, Karnataka, and Rajasthan.
ONGC and NTPC Green Energy’s Renewable Initiatives
Earlier this year, ONGC launched a new subsidiary, ONGC Green, aimed at focusing on renewable energy projects, including the development of wind and solar power facilities as well as green hydrogen and ammonia production. Whereas, NTPC Green announced plans for an IPO scheduled for FY25. The two companies have also partnered to explore multiple wind energy projects.
Potential Bidders and Bidding Process
Ayana Renewable Power has attracted interest from several prominent players in the energy sector. Among those who have made non-binding offers are JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp. NIIF is expected to shortlist bidders in the coming weeks. This will enable the selected companies to conduct due diligence before submitting their binding financial proposals.
Conclusion: This potential acquisition of Ayana Renewable Power by ONGC and NTPC Green Energy represents a significant move in India’s renewable energy sector. As NIIF prepares to shortlist bidders, the competition to secure a controlling stake in Ayana is building up. This acquisition could further boost ONGC and NTPC Green Energy’s renewable portfolios and support India’s transition towards sustainable energy sources.
Disclaimer: This post has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.