ONGC wins bid to acquire PTC's wind power unit for Rs 925 crore

25 Oct 2023 Evaluate

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India's wind power unit for Rs 925 crore as the state-owned firm continues to build a renewable energy portfolio to balance its fossil fuel business. The company has over the years diversified into the petrochemicals and power business besides growing its core business of finding hydrocarbons. 

It has taken various initiatives for renewable energy power generation and already has 189 megawatt (MW) capacity, including wind and solar PV plants spread across various locations. With a vision to expand its business in renewable energy, the company had participated in the bidding process for acquisition of 100 per cent equity stake of PTC Energy, a wholly-owned subsidiary of PTC India.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

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