ONGC inks pact with Greenko ZeroC to pursue opportunities in Green Hydrogen; stock rises

27 Jul 2022 , 11:00 AM

Oil and Natural Gas Corporation Limited (ONGC) and M/s Greenko ZeroC Private Limited (Greenko) have signed a Memorandum of Understanding (MoU) to jointly pursue opportunities in Renewables, Green Hydrogen, Green Ammonia, and other derivatives of green hydrogen.

The MoU, which is valid for two years, was signed on July 26, 2022, in New Delhi by ONGC Director Onshore Anurag Sharma and Greenko CEO & Managing Director Anil Kumar Chalamalasetty, in the presence of Union Minister of Petroleum and Natural Gas & Urban Affairs Hardeep Singh Puri, Secretary (MoP&NG) Pankaj Jain, ONGC CMD Alka Mittal, ONGC Director (Finance).

This MoU is in line with the Hon’ble Prime Minister’s National Hydrogen Mission, which strives to make India a global green hydrogen hub. The activities outlined in this MoU will aid India to meet its target of producing 5 million tonnes of green hydrogen per year by 2030.

This MoU will also enable ONGC in meeting its renewable energy targets envisioned in its Energy Strategy 2040.

At around 11.07 AM, ONGC was trading at Rs128.40 down by Rs0.15 or 0.12% from its previous closing of Rs128.55 on the BSE. The scrip opened at Rs129 and has touched intraday high and low of Rs130.15 and Rs127.80 respectively.