ONGC, a state-owned company, is currently the top contender to acquire a majority stake in Ayana Renewable Power, which is supported by the National Investment and Infrastructure Fund (NIIF).

ONGC's focus on decarbonization and the shift to cleaner energy sources has led them to surpass JSW Neo Energy in the competitive process.

Ayana Renewable Power's operating renewable power portfolio has increased from 1.29 GW in July 2023 to 1.59 GW as of July 2024.

While discussions about the acquisition are ongoing, the outcome is uncertain and there are no guarantees of a finalized transaction.

Both ONGC and JSW Energy have chosen not to comment on the matter, and an inquiry to NIIF has not received a response.