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ONGC enters the fray to acquire Ayana Renewable Power

Livemint · 1y

State-owned Oil and Natural Gas Corporation (ONGC) has expressed interest in acquiring a majority stake in Ayana Renewable Power. The company has submitted a non-binding offer for Ayana, which is looking to sell up to 100% of its stake at an equity valuation of around $800 million. Other companies including Sembcorp Industries, Macquarie Group, and JSW Neo Energy have also submitted non-binding offers for Ayana. ONGC's pursuit of Ayana comes as the company seeks to expand its clean energy portfolio amid disruptions in the conventional hydrocarbon space.