Oil and Natural Gas Corporation Limited (NSEI:ONGC) is in talks to form a consortium with NTPC Green Energy (Ntpc Green Energy Limited) to bid for National Investment and Infrastructure Fund Limited-owned Ayana Renewable Power Private Limited, according to sources aware of the matter. ONGC and NTPC Green Energy could jointly explore a bid or the former could also go it alone in the bidding process, according to the sources. JSW Neo Energy Limited, Sekura Energy Limited, Abu Dhabi Future Energy Company PJSC - Masdar, Macquarie Group Limited (ASX:MQG) and Sembcorp Industries Ltd. (SGX:U96) have submitted non-binding offers to acquire a controlling stake in Bengaluru-headquartered Ayana Renewable Power, ET had first reported on 4 May.

NIIF will communicate a shortlist of bidders over the next few weeks after which they will be allowed to conduct detailed due diligence on the company and then submit binding financial offers, ET had reported. ONGC and NTPC had not responded to ET?s queries until press time. NIIF owns a 51% stake in Ayana Renewable Power while British International Investment plc (formerly known as CDC group) owns 32%.

The Green Growth Equity fund of Eversource Capital owns 17%.