Oil & Natural Gas Corporation Ltd.

Oil & Natural Gas Corporation’s (ONGC) wholly owned subsidiary -- ONGC Green (OGL) has acquired 100% equity stake in PTC Energy (PEL). PEL is engaged in Renewable Energy Business, it has an aggregate operational wind generation capacity of 288.80 MW located at 7 locations at Andhra Pradesh, Madhya Pradesh and Karnataka. It operates 157 Wind Turbine Generators (WTGs) across all its wind farms.

Through the acquisition, the company will scale up its investments in the renewable energy sector to achieve its objectives of de-risking its portfolio against long-term disruptions and reducing its carbon footprint by making strategic investments in the energy transition space. OGL has been taking various initiatives to achieve 10 GW renewable energy portfolio for ONGC by 2030 and net zero target (Scope 1 and Scope 2) by 2038.

Further, the company has been allotted 120,00,00,000 equity shares of Rs 10 each by ONGC Green by way of subscription on right basis.

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.