JSW Neo Energy and ONGC are the final two bidders competing to buy Ayana Renewable Power, a green energy company owned by the National Investment & Infrastructure Fund (NIIF). According to sources, both companies submitted their revised offers last week, valuing Ayana between $1.6 billion and $1.8 billion.
Key Details:
- JSW Neo Energy and ONGC were part of four companies chosen in April to review Ayana before placing final bids.
- Offers from Sembcorp and Macquarie were considered too low and uncompetitive.
- NIIF owns 51% of Ayana, with British International Investment holding 32% and Eversource Capital owning 17%.
- Ayana was founded by British International Investment (formerly CDC) in 2018 to support green energy in India, with NIIF taking control in 2020.
- Ayana manages over 4 GW of renewable energy projects (solar, wind, and hybrid), with 1.3 GW already operational and 2.8 GW under development. It is on track to commission more projects by FY26.
JSW Neo Energy aims to expand its renewable energy capacity to 10 GW.
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