On March 11, 2025, the Competition Commission of India (CCI) has approved the following proposals:
- New Delhi (Delhi) based ONGC NTPC Green Private Limited (ONGPL) acquired 100% equity share capital of Bengaluru (Karnataka) based Ayana Renewable Power Private Limited.
- The Netherlands based Asset Management Group (AMG) Green Power BV’s acquired a stake in Hyderabad (Telangana) based Greenko Energy Holdings (GEH) from Japan based ORIX Corporation, a Japanese diversified financial services group.
CCI Approves ONGC-NTPC Green’s 100% Acquisition of Ayana Renewable Power
i.The CCI has approved ONGC NTPC Green Private Limited (ONGPL) to acquire 100% equity share capital of Ayana Renewable Power Private Limited for Rs.19,500 crore (USD 2.3 billion).
ii.ONGPL is a 50:50 joint venture between New Delhi (Delhi) based ONGC Green (OGL), a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC) and New Delhi (Delhi) based NTPC Green Energy Limited (NGEL), a subsidiary of National Thermal Power Corporation (NTPC).
iii. Ayana Renewable Power Private Limited, a leading Renewable Energy (RE) platform holds 4.1 GigaWatt (GW) of assets in solar, wind, and hybrid projects. With 3 GW under development, the company has firm power purchase agreements for its assets.
iv.OGL and NGEL’s parent companies, ONGC and NTPC, aim to contribute to India’s renewable transition, targeting 60 GW of RE capacity by 2032.
Note: This is the second biggest deal in the RE space. In 2021, Adani Green Energy Limited (AGEL) acquired SB Energy India from SoftBank Group Corp. (SBG) and Bharti Group in an all-cash deal worth USD 3.5 billion.
CCI Approves AMG Green Power BV’s acquisition of a stake in GEH
i.The CCI has approved AMG Green Power BV’s acquisition of a stake in Greenko Energy Holdings (GEH) from ORIX Corporation, a Japanese diversified financial services group.
ii.Additionally, the CCI has approved ORIX’s subscription to convertible notes issued by AM Green (Luxembourg) S.À.R.L., a Société à Responsabilité Limitée.
iii.This transaction is part of ORIX’s strategy to divest its stake in GEH and reinvest in AMG Lux, aiming to focus on next-generation energy sectors, including green molecules, as part of global decarbonization efforts.
iv.ORIX Corporation offers corporate financial services, maintenance leasing, real estate, private equity investments, life insurance, banking and credit, asset management, and environmental and energy services, including power generation.
About Competition Commission of India (CCI):
It is a statutory body constituted under Competition Act, 2002.
Chairperson- Ravneet Kaur
Headquarters- New Delhi, Delhi
Established- 2003
