The Competition Commission of India has approved the proposed combination involving acquisition of Ayana Renewable Power Private Limited (Target) by ONGC NTPC Green Private Limited (Acquirer).

The Proposed Combination involves acquisition of 100% equity share capital of the Target by the Acquirer.

The Acquirer is joint venture between ONGC Green Limited and NTPC Green Energy Limited, and is presently, not engaged in any business activities. ONGC Green Limited and NTPC Green Energy Limited are wholly owned subsidiaries of Oil and Natural Gas Corporation Limited and NTPC Limited, respectively.

The Target (including its affiliates) is engaged in the power sector and more specifically, in the business of: (a) generation of power through renewable sources; and (b) transmission of power, in India.

Detailed order of the Commission will follow.

Competition approval: acquisition of a renewable power developer cleared, involving a joint venture acquirer and full equity transfer. Competition approval was granted for ONGC NTPC Green Private Limited's acquisition of the entire equity of Ayana Renewable Power Private Limited. The acquirer is a joint venture between wholly owned subsidiaries of major energy companies and is not presently engaged in business. The target and its affiliates operate in renewable power generation and power transmission in India. The Commission's detailed order will follow.