The Indian oil and gas exploration and production company ONGC has set up a 50:50 joint venture with NTPC Green Energy Limited (NGEL), named ONGC NTPC Green Private Limited (ONGPL) and this JV has acquired a 100% equity stake in Ayana Renewable Power Private Ltd. Ayana has a value of about INR195bn (US$ 2.3bn) with a portfolio of 4.1 GW Renewable Energy platform with projects in operational and under construction stages. The acquisition was made in association with India’s National Investment and Infrastructure Fund, BII South Asia Renewables Limited, British International Investment Plc, CDC India Opportunities Limited and Eversource Capital managed GGEF. It is still subject to the approval of all relevant authorities. The acquisition aligns with ONGC’s target to achieve net-zero emissions (Scope 1 & 2) by 2038.
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