National – JSA Advocates & Solicitors advised ONGC NTPC Green Private Limited (ONGPL)in its acquisition of 100% stake in Ayana Renewable Power Private Limited, which is one of the largest deals in the renewable energy space in India.
ONGPL has entered into a share purchase agreement with National Infrastructure Investment Fund (NIIF), BII South Asia Renewables Limited, British International Investment Plc, CDC India Opportunities Limited, Green Growth Equity Fund and Ayana Renewable Power Private Limited (ARPPL).
The acquisition is subject to the fulfilment of conditions precedent and necessary regulatory approvals. Ayana Renewable Power Private Limited is an NIIF backed renewable energy platform – with and enterprise value of INR 195 Billion (US$ 2.3 Billion). ARPPL has a portfolio of 4.1 GW of operational and under-construction assets with an expected portfolio of 10 GW by 2025. ONGPL is a 50:50 joint venture between ONGC Green Limited and NTPC Green Limited, the renewable energy verticals of ONGC Limited and NTPC Limited.
This transaction is a significant milestone for ONGPL as it is ONGPL’s first strategic acquisition since its inception in November 2024. JSA acting as buyer’s legal counsel and was involved in providing end to end legal advisory services including advising ONGPL on:
- strategic advisory in structuring the transaction
- detailed project risk analysis and legal due diligence on the ARPPL portfolio
- finalising the transaction documents. The transaction advisor for ONGPL was Deloitte Touche Tohmatsu India LLP
JSA’s transaction team comprised of Venkatesh Raman Prasad (Partner), Vishnu P. Sudarsan (Partner), Ashish Suman (Partner), Shashank Vikram Singh (Partner) and Ashwin Nayar (Principal Associate).
JSA’s due diligence team comprised of Ayan Sinha (Senior Associate), Shruti Maheshwari (Associate), Swapnil Singh (Associate), Asmita Maan (Associate), Mehar Vasant (Associate), Ravneet Gill (Associate) and Vignesh Ravichandran (Associate).
JSA’s competition team comprised of Vaibhav Choukse (Partner), Ela Bali (Partner), Aditi Khanna (Senior Associate) and Faiz Siddiqui (Associate).
About JSA:
Founded in 1991, JSA is one of India’s leading full-service national law firms with nearly 600 legal professionals spread across its seven locations in the country–Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Mumbai and New Delhi. As the go-to firm for the new transformative and digital Indian economy, JSA is regularly involved in many of the first-to-market and complex transactions and plays an integral role in advocacy and policy matters impacting various industries. JSA has built a reputation for its client-centric approach, quality of service, domain knowledge and insights across sectors and for delivering innovative solutions to complex legal and commercial issues for the benefit of clients. Consequently, JSA has consistently been recognized as a top-tier firm for its capabilities and expertise across practices and sectors by leading legal directories, league tables and industry journals.
