ONGC has approved an investment of ₹33 billion (~$384.84 million) in ONGC Green to part-fund the acquisition of a 100% stake in Ayana Renewable Power.

The company will subscribe to the rights offer of equity shares issued by ONGC Green.

In February 2025, ONGC NTPC Green (ONGPL), a joint venture between ONGC Green and NTPC Green Energy, signed a share purchase agreement to acquire a 100% equity stake in Ayana, a utility-scale renewable energy platform, for ₹195 billion (~$2.3 billion).

The transaction for the acquisition was signed with the National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries, and Eversource Capital. NIIF is a majority shareholder in Ayana.

Ayana has approximately 4.1 GW of operational and under-construction assets located across resource-rich states.

The acquisition was ONGPL’s first investment since its establishment in November 2024. The joint venture focuses on solar, wind, and energy storage solutions and is engaged in greenfield and brownfield acquisitions to expand its renewable energy portfolio.

ONGPL has approximately 4.1 GW of operational and under-construction assets.

The ONGC-NTPC acquisition of Ayana aligns with the long-term goals of the two public sector companies to achieve net-zero emissions by 2038 and 2050, respectively. The joint venture planned to use Ayana’s platform to support its expansion.

In 2023, ONGC acquired PTC Energy, a wholly owned subsidiary of PTC India, at a transaction valued at ₹9.25 billion (~$111.18 million). PTC has commissioned seven wind power projects spread across Andhra Pradesh, Karnataka, and Madhya Pradesh, with a generation capacity of 288.8 MW.

In the same year, ONGC announced plans to invest ₹1 trillion (~$12 billion) by 2030 in renewable energy transition projects. It said it aimed to increase electricity generation from renewable sources from the existing 189 MW to 1 GW by 2030.

According to Mercom’s Annual and Q4 2024 Solar Funding and M&A Report, mergers and acquisitions activity was 15% lower YoY in 2024, with 82 corporate transactions compared to 96 in 2023.