ONGC Goes Green: ₹9.25 Billion Bet on Renewable Energy Redefines India's Energy Landscape

Oil and Natural Gas Corporation (ONGC) has taken major steps in its renewable energy growth. The firm has been allocated 1.2 billion shares by its subsidiary ONGC Green, after a ₹1,200 crore investment sanctioned last month. This capital will be used to finance ONGC Green's purchase of PTC Energy Limited for ₹9.25 billion. The acquisition follows ONGC's vision to diversify into clean energy and offset its fossil fuel operations. PTC Energy has a 288.8 MW wind power portfolio spread across several states, augmenting ONGC's renewable energy capacity. The acquisition is a significant milestone in ONGC's plans to speed up its transition to clean energy sources.

 

Source: ONGC Press Release