Ayana greenlights JSW unit & ONGC into final round; renewable energy co valued at up to $1.8 bn

JSW Neo Energy and Oil & Natural Gas Corp (ONGC) are the final contenders to acquire Ayana Renewable Power, a green energy firm controlled by the National Investment & Infrastructure Fund (NIIF). After receiving non-binding offers from four parties in April, JSW Neo Energy and ONGC advanced to the due diligence phase, with revised offers valuing Ayana between $1.6 billion and $1.8 billion.