ONGC, JSW, Sembcorp shortlisted for majority stake in $800 mn Ayana deal
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State-run Oil and Natural Gas Corporation (ONGC), JSW Group’s JSW Neo Energy, and Singapore’s Sembcorp Industries Ltd have been shortlisted to submit binding bids to acquire a majority stake in Ayana Renewable Power Pvt Ltd, according to a report by Mint.
This potential deal, valued at approximately $800 million in equity, could become one of the largest transactions in India’s green energy sector.
The shortlisted companies had previously submitted non-binding offers (NBOs) and are currently conducting due diligence. The deadline for submitting final binding bids is August 19.
Ayana Renewable Power, backed by the National Investment and Infrastructure Fund (NIIF), manages a 5 gigawatt (GW) portfolio of operational and under-construction projects. Ayana shareholders also include the UK government’s British International Investment and Eversource Capital. Ayana aims to build a 10 GW portfolio by 2025, with projects across various Indian states. The company is open to selling up to 100 per cent of its stake.
The sale process is being managed by Standard Chartered, and the transaction is being closely watched due to its potential impact on India’s renewable energy sector.
Ayana Renewable Power bidders
ONGC has been actively pursuing acquisitions in the renewable energy sector, aiming to ramp up its green energy portfolio to 10 GW by 2030 as part of its broader goal to achieve net-zero emissions by 2038. The company has committed Rs 1 trillion to green initiatives by 2030.
Meanwhile, both JSW Neo Energy and Sembcorp are also eyeing another major deal — a majority stake in Shell Plc’s Sprng Energy group, which has a 1 GW operational asset. This deal is valued at $350 million in equity and $1.1 billion in enterprise value.
The broader renewable energy sector in India is experiencing a surge in deal-making activity. According to Grant Thornton Bharat’s July Dealtracker report, energy and natural resources led deal volumes in India, with the energy and renewables segment contributing significantly to both volume and value.
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