State-owned explorer Oil and Natural Gas Corporation (ONGC) said that its joint venture with utility firm NTPC Green Energy will acquire Ayana Renewable Power, which operates solar and wind plants. Ayana is valued at $2.3 billion including debt, ONGC said in a statement, according to a Reuters report.
Ayana, owned by quasi-sovereign wealth fund National Investment and Infrastructure Fund, British International Investment and Green Growth Equity Fund, operates plants that produce 1,600 megawatts in India and has another 2,500 megawatts in such projects under construction.
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