Liquidity Events
ONGC-NTPC Green to acquire Ayana Renewables for Rs.19,500-Cr
ONGC-NTPC Green (ONGPL), an equal joint venture of ONGC Green (OGL) and NTPC Green Energy (NGEL), will acquire Bengaluru-based Ayana Renewable Power for an enterprise value of INR 19,500 crore (USD 2.3 Billion) from the National Investment and Infrastructure Fund (NIIF), British International Investment and its subsidiaries (BII).Launched by BII in 2018, Ayana received investment from NIIF in 2019, expanding its portfolio across solar, wind and RTC projects, and strengthening execution capabilities. Ayana has around 4.1 gigawatts (GW) of operational and under-construction assets.Deloitte Touche Tohmatsu India LLP acted as the buy-side transaction advisor. JSA Advocates and Solicitors acted as the legal advisor. On the sellers’ side, Standard Chartered provided transaction advisory services and Khaitan & Co and Cyril Amarchand Mangaldas acted as legal advisors.
Between Jan 2018 and Dec 2020, Ayana Renewable Power had raised about USD 820 M from British International Investment, Everstone and NIIF.
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