Mumbai11 hours ago
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The green units of the country’s two biggest government companies, National Thermal Power Corporation Limited (NTPC) and Oil and Natural Gas Corporation Limited (ONGC), have together made the biggest bid for a project. According to Reuters report, the joint venture of NTPC Green Energy and ONGC Green Energy has made the biggest bid for Ayana Renewable Power.
Sources said that the joint venture of both the companies made a bid of $ 65 crore i.e. Rs 5,488 crore. According to reports, the joint venture beats out JSW Energy’s bid for the renewable energy firm. However, no statement has come out yet from NTPC, ONGC and Ayana Renewable in this matter.
Ayana operates renewable power solar and wind plants. Quasi-sovereign wealth fund National Investment and Infrastructure Fund (NIIF), British International Investment Fund and Green Growth Equity Fund have investments in this renewable energy firm. Its capacity is 1600 MW annually.
NTPC-ONGC will hold 100% stake in Ayana Renewable
Apart from this, work has started on a project of 2500 MW capacity. Now, after the completion of all due diligence, NTPC Green Energy and ONGC Green Energy will together hold 100% stake in Ayana Renewable Power through a joint venture.
NTPC-ONGC signed agreement for joint venture in February
According to reports, NTPC Green Energy and ONGC Green Energy had signed an agreement in February this year to start a half-share joint venture. The country’s big power generating companies are currently betting big on renewables and are emphasizing on expanding their green energy capacity.
IPO of green units of NTPC and ONGC will come soon
The government has also set a target to increase renewable capacity by 500 GW by 2030 to reduce carbon emissions. Now talking about green units of NTPC and ONGC, both of them have plans for listing.
NTPC Green Energy’s Rs 10,000 crore IPO will open on November 19-22 and shares will be listed on November 27. ONGC Green Energy is also preparing to launch IPO in this financial year.
