NAME: ONGC NTPC Green Energy's $2.3 billion acquisition of Ayana Renewable
LAW FIRMS: Cyril Amarchand Mangaldas, JSA, Khaitan & Co
JURISDICTION: India
PRACTICE AREAS: Corporate and M&A
INDUSTRY SECTORS: Energy
ONGC NTPC Green Energy's $2.3 billion acquisition of Ayana Renewable Power Private is our deal of the month for February.
The landmark transaction represents one of India's largest renewable energy deals to date, second only to Adani Green's $3.5 billion acquisition of SB Energy in 2021. The deal underscores the growing momentum in India's renewable energy sector, as major power producers increasingly pivot towards green energy initiatives.
ONGC NTPC Green Energy, a joint venture between state-owned Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy, will acquire Ayana Renewable Power from the National Investment and Infrastructure Fund (NIIF), British International Investment (BII) and Eversource Capital. The target company boasts a substantial portfolio of 4.1 GW of operational and under-construction assets, with projections to reach 10 GW by 2025.
JSA advised ONGC NTPC Green Energy with a comprehensive team led by partners Venkatesh Raman Prasad, Vishnu Sudarsan, Ashish Suman and Shashank Vikram Singh, alongside principal associate Ashwin Nayar. Competition partners Vaibhav Choukse and Ela Bali provided additional expertise.
Khaitan & Co represented NIIF and BII with a team helmed by partner Akhil Bhatnagar, supported by principal associates Bhagirath Ashiya and Sushmita Ravi, and associates Palak Mohta and Rahul Pai. Partners Anshuman Sakle, Sudheer Madamaiah and Harsh Khemka provided specialist input on antitrust, real estate and insurance matters respectively.
Cyril Amarchand Mangaldas acted for Eversource Capital's Green Growth Equity Fund, with partners Aditi Manchanda and Surya Srinivasan leading the transaction, supported by associates Anukriti Bhattad and Kaushik Raichura.
