New Delhi, Aug. 14 -- State-run Oil and Natural Gas Corp. (ONGC), JSW Group's JSW Neo Energy, and Singapore's Sembcorp Industries Ltd have been shortlisted to submit binding bids to buy a significant majority stake in Ayana Renewable Power Pvt. Ltd, two people aware of the development said, in what may rank among the biggest transactions in India's green energy sector.

These firms were the ones to submit their non-binding offers (NBOs) for the deal with an equity value of around $800 million, and are presently conducting due diligence, the people cited above said on the condition of anonymity. The National Investment and Infrastructure Fund (NIIF) backed company, which has a 5-gigawatt (GW) portfolio of operational and under-construction...