new delhi, May 17 -- Oil and Natural Gas Corporation has entered the fray to acquire a significant majority stake in Ayana Renewable Power Pvt. Ltd, as India's largest crude and natural gas producer seeks to bulk up its clean energy portfolio.
The state-run ONGC has submitted a non-binding offer for Ayana, which islooking to sell even up to a 100% stake at an equity valuation of about $800 million, said two people aware of the development.
Sembcorp Industries Ltd, Macquarie Group, and JSW Neo Energy have also submitted non-binding offers for the green energy company, which has a 5-gigawatt portfolio of operational and under-construction projects in Andhra Pradesh, Tamil Nadu, Karnataka, Rajasthan, and Gujarat. By the end of 2025, Ayana ai...