State-owned Oil and Natural Gas Corporation Ltd (ONGC) on Tuesday (March 25) said it has approved an investment of ₹3,300 crore in its wholly owned subsidiary, ONGC Green Limited (OGL), through a rights issue to fund the acquisition of 100% equity stake in Ayana Renewable Power Private Limited.

The acquisition will be carried out through ONGC NTPC Green Private Limited (ONGPL), a 50:50 joint venture between OGL and NTPC Green Energy Limited (NGEL). Ayana Renewable Power, a leading renewable energy platform, has 4.1 GW of operational and under-construction assets, strategically spread across resource-rich states.

The company’s portfolio is backed by high-credit-rated off-takers, including SECI, NTPC, GUVNL, and Indian Railways.

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The board also approved related party transactions amounting to ₹4,920 crore for its Mozambique LNG project. ONGC Videsh (OVL) will invest up to ₹1,500 crore in Beas Rovuma Energy Mozambique Limited (BREML), with the amount to be converted into redeemable preference shares.

Additionally, OVL Overseas IFSC Ltd. (OOIL) will provide a $379.3 million (₹3,270 crore) senior loan sponsorship to Moz LNG1 Financing Company Ltd, an entity involved in the Area 1 Mozambique LNG Project. ONGC has also extended a corporate guarantee for $379.3 million (₹3,270 crore) to MozLNG1.

Shares of Oil and Natural Gas Corporation Ltd ended at ₹242.20, down by ₹1.55, or 0.64%, on the BSE.

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