A joint venture formed by two public sector outfits — NTPC Green Energy and ONGC Green Energy — has reportedly emerged as the highest bidder for Ayana Renewable Power.
A Reuters report said the duo had put in a bid worth $650 million, topping the one made by JSW Energy.
Ayana Renewable Energy is backed by the quasi-sovereign wealth fund, National Investment and Infrastructure Fund (NIIF).
Ayana, which is also owned by British International Investment Fund (formerly CDC group) and Green Growth Equity Fund, plans to add 2GW of renewable power in India every year which includes a combination of wind, solar, hybrid and RTC (round the clock green power) projects.
It currently operates solar and wind plants which produce close to 1,600 mw in the country.
NTPC Green Energy and ONGC Green Energy could together acquire a 100 per cent stake in Ayana through a joint venture company. The two entities had entered into an agreement in February to float an equal joint venture.
NTPC Green Energy is a subsidiary of thermal power giant NTPC while ONGC Green Energy is a unit of Oil and Natural Gas Corporation. The latter is expected to list in the current fiscal.
NTPC Green Energy is coming out with an IPO which will open for subscription on November 19.
The shares will offered in a price band of ₹102-108 per share. The company will be issuing fresh shares through the IPO and expects to raise ₹1 0,000 crore.
