EM ASIA CREDIT: ONGC/NTPC (Baa3/BBB-/BBB-) JV acquires Ayana
Feb-13 01:41
ONGC (ONGCIN, Baa3/BBB-/BBB-), NTPC (NTPCIN, Baa3/BBB-/BBB-) JV buys Ayana
"*ONGC NTPC GREEN: AYANA RENEWABLE ENTERPRISE VALUE $2.3 BILLION" - BBG
- The deal, which has been on the cards since last November, has been announced. Neutral for spreads.
- ONGC NTPC is a 50:50 joint venture between majority Indian State owned ONGC (oil & gas) and majority Indian State owned NTPC (power generation). The newly formed company is focused on renewable energies.
- The JV announced this morning that it will purchase 100% of Ayana Renewables Power Private (Ayana) for an EV of around INR195bn ($2.3bn). Ayana has 4.1GW of renewable energy.
- No details of possible funding requirements. Though unlikely to see any rating pressure on either entities with the Indian sovereign rating a key anchor (Baa3/BBB-).
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
MNI: CHINA PBOC CONDUCTS CNY55.0 BLN VIA 7-DAY REVERSE REPO TUES
Jan-14 01:21
- CHINA PBOC CONDUCTS CNY55.0 BLN VIA 7-DAY REVERSE REPO TUES
CNH: USD/CNY Fixing Steady, Error Term Narrows
Jan-14 01:18
The USD/CNY fix printed at 7.1878, versus a Bloomberg market consensus of 7.3202.
- This keeps the fixing error wedged under 7.1900 for now. The fixing error narrowed to -1324pips, versus -1565pips yesterday.
- USD/CNH got to lows of 7.3342 in the first part of trade (aided by broader USD softness post headlines that the US economic team advising Trump was considering gradual tariff shifts). However, we sit higher now, last near 7.3450, little changed for the session.
CHINA SETS YUAN CENTRAL PARITY AT 7.1878 TUES VS 7.1885
Jan-14 01:16
- CHINA SETS YUAN CENTRAL PARITY AT 7.1878 TUES VS 7.1885
Related bullets
Related by topic
ONGCIN
India
EU Credit Energy
Credit Sector
NTPCIN
EU Utilities
