India’s leading state-owned energy giants are making waves in the renewable sector with a significant acquisition deal. The landmark partnership between two major public sector enterprises is set to acquire a prominent renewable energy company for $2.3 billion, marking one of the largest green energy transactions in the country’s history and signalling a major shift toward sustainable power generation.
Share Price Movement
The share price of NTPC Green Energy Limited went up 2.2 percent to Rs. 109.84 per share on Thursday, an increase from its previous close of Rs. 107.48 per share. The market capitalisation now stands at approximately Rs. 91,113 crore as of February 13, 2025.
Recent Update
ONGC NTPC Green (ONGPL), a joint venture between ONGC Green and NTPC Green Energy, has signed an agreement to fully acquire Ayana Renewable Power for Rs. 19,500 crore ($2.3 billion). This marks ONGPL’s first major acquisition since its launch in November 2024, helping it expand into the renewable energy sector. The deal aligns with ONGC and NTPC’s long-term goals of achieving Net Zero emissions by 2038 and 2050, respectively.
Ayana Renewable Power, established in 2018, has a renewable energy portfolio of 4.1 GW, including solar, wind, and round-the-clock (RTC) projects. Backed by NIIF, BII, and Eversource Capital, Ayana has grown into one of India’s leading clean energy companies. It has also achieved a top ESG ranking, securing the first position in Asia and placing among the top three globally in the renewable energy sector. This acquisition strengthens India’s commitment to sustainable energy and accelerates its transition to a greener future.
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Q3 Financial Highlights
In Q3FY25, revenue stood at Rs. 505 crore, reflecting a 13.2% YoY growth from Rs. 446 crore in Q3FY24 and a marginal 0.2% QoQ increase from Rs. 504 crore in Q2FY25. Profit surged to Rs. 66 crore, marking a 17.9% YoY rise from Rs. 56 crore in Q3FY24 and an impressive 78.4% QoQ growth from Rs. 37 crore in Q2FY25.
Competitors
NTPC Green Energy, a subsidiary of NTPC, competes with Adani Green Energy (AGEL), Tata Power, and JSW Energy. They are key competitors in India’s renewable energy sector.
NTPC Green Energy is currently trading at a P/E of 264, which is above the industry P/E of 29.24.
Market Outlook
India is a global leader in renewable energy, with 46.3% of its total power capacity coming from renewables as of October 2024. Solar energy leads the sector with 92.12 GW, followed by wind at 47.72 GW. Hydro, biomass, and waste-to-energy also contribute significantly.
India ranks fourth globally in renewable energy and aims to reach 500 GW of non-fossil capacity by 2030. As the world’s third-largest electricity consumer, India’s clean energy growth enhances sustainability and energy security.
Written By Fazal Ul Vahab C H
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