India's Ayana Renewable Power shortlists two suitors - report

Two bidders have made it to the final round of the auction for India-based clean energy platform Ayana Renewable Power, with the offers valuing the business at up to USD 1.8 billion (EUR 1.62bn), The Economic Times reported today.

JSW Neo Energy and Oil & Natural Gas Corp (ONGC) were selected among four suitors to get access to the target company’s books. Their revised bids submitted last week value Ayana at between USD 1.6 billion and USD 1.8 billion, the report said further.

The business had reportedly grabbed the eye of various companies, including a unit of Abu Dhabi-based Masdar, Singapore’s Sembcorp Industries Ltd, Brookfield and PSP Investments.

Ayana is majority-owned by National Investment & Infrastructure Fund (NIIF), with fellow minority shareholders including British International Investment and Eversource Capital’s Green Growth Equity Fund.

(USD 1 = EUR 0.905)

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