JSW Group’s JSW Neo Energy, Oil and Natural Gas Corp. (ONGC), and Singapore’s Sembcorp Industries have been shortlisted to make binding offers for a majority stake in Ayana Renewable Power, a company with 5 gigawatts of renewable energy projects. The deal, valued at around $800 million, is one of the largest in India’s green energy sector. The sale, managed by Standard Chartered, has a final bid deadline of August 19.
Ayana Renewable Power, backed by the National Investment and Infrastructure Fund (NIIF), is looking to sell up to 100% of its stake to support its goal of building a 10-gigawatt portfolio by 2025. The company has projects in several Indian states, including Andhra Pradesh, Tamil Nadu, and Gujarat.
This transaction is part of a broader trend in India’s energy sector, where companies like ONGC are pursuing acquisitions to align with the country’s energy transition goals. ONGC plans to invest ₹1 trillion in green initiatives by 2030, aiming to achieve net-zero emissions by 2038.
JSW Neo Energy and Sembcorp are also involved in other major green energy deals, including bids for Shell’s Sprng Energy group and Brookfield Renewable’s portfolio in India. These moves are part of a growing interest in India’s renewable energy market, as the country focuses on reducing its carbon footprint and boosting clean energy production.
The sale process for Ayana is closely watched as it could significantly impact the green energy landscape in India.
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