ONGC Green acquires PTC Energy for Rs 9.25 billion

ONGC Green Limited (OGL), a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC) Limited, has acquired a 100% equity stake in PTC Energy Limited (PEL) for Rs 9.25 billion, making it a wholly owned subsidiary of OGL.

PEL operates in the renewable energy sector with an operational wind generation capacity of 288.80 MW across seven locations in Andhra Pradesh, Madhya Pradesh, and Karnataka. It runs 157 wind turbine generators (WTGs) across these sites.

The acquisition was executed at arm’s length and does not fall under related party transactions. It aligns with ONGC’s plan to expand its renewable energy portfolio to 10 GW by 2030 and achieve net zero (Scope 1 and Scope 2) by 2038.

Additionally, ONGC Green Limited has been allotted 12 billion equity shares of Rs 10 each by ONGC through a rights issue.