Oil and Natural Gas Corporation (ONGC) is investing ₹1,200 crore in its wholly-owned subsidiary, ONGC Green (OGL), by subscribing to a rights issue of equity shares. This funding will support the acquisition of PTC Energy Ltd. (PEL).
ONGC Acquires 100% Stake in PTC Energy
On September 13, 2024, ONGC signed a share purchase agreement with PTC India to acquire full ownership of PEL. PEL operates 288.8 MW of wind power projects across Andhra Pradesh, Madhya Pradesh, and Karnataka. To facilitate the acquisition, ONGC’s board has also approved a replacement corporate guarantee of ₹75 crore on behalf of ONGC Green.
Leading India’s Energy Sector
As one of India’s largest crude oil and natural gas producer, ONGC contributes about 71% to the country’s domestic output. As reported by projectstoday.com, the company has extensive in-house expertise in exploration, production, and oil-field services, positioning it as a leader in the energy transition.
