ONGC's Green Energy Bet: A Rs 1,200 Crore Investment

Oil & Natural Gas Corporation (ONGC) has announced a Rs 1,200 crore investment in its wholly-owned subsidiary, ONGC Green (OGL), through the subscription of a rights issue of equity shares. The funds raised will be utilized to support the acquisition of PTC Energy.

On 13 September 2024, ONGC entered into a share purchase agreement with PTC India to acquire a 100% stake in PEL, which operates 288.8 MW of wind power projects in Andhra Pradesh, Madhya Pradesh, and Karnataka. Additionally, the company’s board has approved a replacement corporate guarantee of Rs 75 crore on behalf of OGL to facilitate the PTC Energy acquisition.

ONGC is India’s largest crude oil and natural gas producer, accounting for approximately 71% of the country’s domestic production. The company possesses in-house service capabilities across all facets of oil & gas exploration, production, and related oilfield services.

News by Rahul Yelligetti.