ONGC NTPC Green Limited (ONGPL) is set to acquire 100% stake in Ayana Renewable Power Private Limited for $2.3B.
The company entered into a share purchase agreement with National Infrastructure Investment Fund, BII South Asia Renewables Limited, British International Investment Plc, CDC India Opportunities Limited, Green Growth Equity Fund and Ayana Renewable Power Private Limited.
JSA, Cyril Amarchand Mangaldas (CAM) and Khaitan & Co acted for parties to the transaction.
JSA is acting as buyer’s legal counsel and was involved in providing end to end legal advisory services including advising ONGPL on strategic advisory in structuring the transaction, detailed project risk analysis and legal due diligence on the ARPPL portfolio; and finalising the transaction documents.
The transaction team was comprised of - Venkatesh Raman Prasad (Partner), Vishnu P. Sudarsan (Partner), Ashish Suman (Partner), Shashank Vikram Singh (Partner) and Ashwin Nayar (Principal Associate).
The due diligence team comprised of - Ayan Sinha (Senior Associate), Shruti Maheshwari (Associate), Swapnil Singh (Associate), Asmita Maan (Associate), Mehar Vasant (Associate), Ravneet Gill (Associate) and Vignesh Ravichandran (Associate).
The competition team comprised of - Vaibhav Choukse (Partner), Ela Bali (Partner), Aditi Khanna (Senior Associate) and Faiz Siddiqui (Associate).
Cyril Amarchand Mangaldas advised Green Growth Equity Fund on its proposed exit from Ayana Renewable Power.
The transaction team was led by Surya Sreenivasan (Partner), Aditi Manchanda (Partner); with support from Anukriti Bhattad, Associate; and Kaushik Raichura, Associate.
Khaitan & Co advised National Investment and Infrastructure Fund and British International Investment on their proposed exit from Ayana Renewable Power.
The core team consisted of Akhil Bhatnagar (Partner), Bhagirath Ashiya (Princpal Associate), Sushmita Ravi (Principal Associate), Palak Mohta (Associate) and Rahul Pai (Associate), with assistance from Anshuman Sakle (Partner, Competition Law), Sudheer Madamaiah (Partner, Real Estate) and Harsh Khemka (Partner, Insurance).
On February 12, 2025, ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL), signed a Share Purchase Agreement to acquire a 100% equity stake in Ayana Renewable Power Private Limited. The transaction, valued at ₹195 billion (approximately $2.3 billion), marks ONGPL's inaugural strategic investment since its establishment in November 2024. This acquisition aligns with the parent companies' objectives to achieve net-zero emissions by 2038 for ONGC and by 2050 for NTPC
ONGPL is a 50:50 joint venture between ONGC Green Limited and NTPC Green Limited, the renewable energy verticals of ONGC Limited and NTPC Limited.
This transaction is a significant milestone for ONGPL as it ONGPL’s first strategic acquisition since its inception in November 2024.
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