The Board of Directors of Oil and Natural Gas Corporation (ONGC) approved an investment of ₹1,200 crore in ONGC wholly owned subsidiary, ONGC Green Ltd (OGL), through a Rights Offer of equity shares.
This was resolved in a Board meeting of the company on February 24, 2025. The investment is part of ONGC’s strategy to expand its presence in the renewable energy sector through OGL. OGL will use the funds to acquire a 100% equity stake in PTC Energy Limited, as per the Share Purchase Agreement (SPA) signed on September 13, 2024.
ONGC announced the outlay in a regulatory filing on Monday, 24 February 2025. In addition to the investment, ONGC’s Board has approved the replacement of ₹75 crore corporate guarantee on behalf of OGL with respect to PTC Energy Limited.
ONGC’s acquisition of PTC Energy is in line with the company’s plans to expand its portfolio in the renewable energy sector and its focus on investing in sustainable sources of energy. The acquisition is anticipated to boost OGL’s portfolio of green energy assets while forming a part of ONGC’s global green initiatives.
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