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ONGC, JSW Neo Energy, Sembcorp shortlisted for majority stake in Ayana Renewable 

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Oil and Natural Gas Corporation (ONGC), JSW Group’s Neo Energy, and Singapore’s Sembcorp Industries Ltd have been shortlisted to submit binding bids for a significant majority stake in Ayana Renewable Power Pvt Ltd, according to a report by Mint. The stake, valued at approximately $800 million, is part of a sale process that could become one of the largest transactions in India’s green energy sector.

The three companies are currently in the due diligence phase after submitting non-binding offers (NBOs). Ayana Renewable Power, backed by the National Investment and Infrastructure Fund (NIIF), has a portfolio of 5 gigawatts (GW) of operational and under-construction renewable energy projects. The company is reportedly considering selling up to 100 per cent of its stake.

Standard Chartered is overseeing the sale process, with final bids expected by August 19. If successful, this transaction could mark a significant development in India’s renewable energy market.

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