Exclusive: Ayana Renewable to raise Rs 150 Cr from IL&FS Mutual Fund

This article discusses Ayana Renewable, a renewable energy firm, and its recent financial activities. Ayana Renewable is set to raise ₹150 crore in debt from IL&FS Mutual Fund, a month after signing a share purchase agreement with ONGC-NTPC Joint Venture. The funds will be used for debt refinancing, subsidiary support in renewable projects, and other infrastructure needs. Ayana Renewable operates as an asset-heavy IPP, managing solar and wind projects. Last month, NIIF, British International Investment, and Eversource Capital agreed to sell their 100% stake to ONGC NTPC Green Pvt. Ltd. (ONGPL) for $2.3 billion. While Ayana's scale saw a modest 4% year-on-year growth to ₹856 crore in FY24, its profits declined sharply by 42.3% to ₹45 crore during the same period.