As one of the largest deals in the renewable energy space in India, ONGC NTPC Green Limited (ONGPL) is set to acquire 100% stake in Ayana Renewable Power Private Limited. ONGPL has entered into a share purchase agreement with National Infrastructure Investment Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc, CDC India Opportunities Limited, Green Growth Equity Fund and Ayana Renewable Power Private Limited (ARPPL).
The acquisition is subject to the fulfilment of conditions precedent and necessary regulatory approvals. Ayana Renewable Power Private Limited is an NIIF backed renewable energy platform — with and enterprise value of INR 195 Billion (US$ 2.3 Billion). ARPPL has a portfolio of 4.1 GW of operational and under-construction assets with an expected portfolio of 10 GW by 2025. ONGPL is a 50:50 joint venture between ONGC Green Limited and NTPC Green Limited, the renewable energy verticals of ONGC Limited and NTPC Limited.
This transaction is a significant milestone for ONGPL as it ONGPL’s first strategic acquisition since its inception in November 2024. JSA acting as buyer’s legal counsel and was involved in providing end to end legal advisory services including advising ONGPL on:
(i) strategic advisory in structuring the transaction,
(ii) detailed project risk analysis and legal due diligence on the ARPPL portfolio; and
(iii) finalising the transaction documents. The transaction advisor for ONGPL was Deloitte Touche Tohmatsu India LLP.
The transaction team was comprised of – Venkatesh Raman Prasad (Partner), Vishnu P. Sudarsan (Partner), Ashish Suman (Partner), Shashank Vikram Singh (Partner) and Ashwin Nayar (Principal Associate).
The due diligence team comprised of – Ayan Sinha (Senior Associate), Shruti Maheshwari (Associate), Swapnil Singh (Associate), Asmita Maan (Associate), Mehar Vasant (Associate), Ravneet Gill (Associate) and Vignesh Ravichandran (Associate).
The competition team comprised of – Vaibhav Choukse (Partner), Ela Bali (Partner), Aditi Khanna (Senior Associate) and Faiz Siddiqui (Associate).
