Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy are reportedly in talks to form a consortium to bid for Ayana Renewable Power, which is owned by the National Investment and Infrastructure Fund (NIIF), as interest grows in acquiring the Bengaluru-based firm.
According to reports, ONGC and NTPC Green Energy may jointly bid for Ayana Renewable or ONGC could go solo. JSW Neo Energy, Sekura Energy, Masdar, Macquarie, and Sembcorp are also in the running to acquire Ayana Renewable.
NIIF is expected to shortlist bidders in the coming weeks, allowing them to conduct due diligence before submitting binding financial proposals.
Moneycontrol couldn't verify the reports independently.
Also Read: NTPC Green Energy inks pact with Indus Towers to develop renewable energy projects
Earlier this year, ONGC launched ONGC Green, a subsidiary dedicated to renewable energy projects, while NTPC Green Energy has plans for an initial public offering. The two companies have in the past collaborated for offshore wind energy projects.
Ayana Renewable Power boasts a substantial pipeline of over 4 GW of solar, wind, and hybrid power projects across multiple states. With an operational capacity of 1.3 GW in Andhra Pradesh, Karnataka, and Rajasthan, Ayana is a significant player in the renewable energy sector.
Also Read: Coal India, NMDC, ONGC Videsh to actively scout for critical mineral assets abroad: Govt
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