New Delhi: At a meeting on Tuesday, the Board of Directors of Oil & Natural Gas Corporation (ONGC) approved the infusion of Rs 3,300 crore into ONGC Green Limited (OGL), a wholly-owned subsidiary of ONGC which is mainly engaged in the renewable energy business of the parent company. According to a regulatory filing to the stock exchanges, OGL will utilise the funds for the acquisition of 100 percent stake in Ayana Renewable Power Private Limited.

In February this year, ONGC-NTPC Green Pvt Ltd (ONGPL), a 50:50 joint venture between ONGC Green Ltd (OGL) and NTPC Green Energy Ltd (NGEL), signed a share purchase agreement (SPA) to acquire a 100 per cent equity stake in Ayana Renewable Power Pvt Ltd (Ayana). This was the second biggest deal in the renewable energy space. Adani Green Energy (AGEL) had in October 2021 acquired SB Energy India from SoftBank Group Corp (SBG) and Bharti Group in an all-cash deal worth USD 3.5 billion.

The Competition Commission of India cleared ONGC-NTPC Green’s proposal to acquire renewable energy firm Ayana for Rs 19,500 crore earlier in March.