ONGC Acquires INR 925 Crore PTC India's Wind Power Unit to Bolster Renewable Energy Portfolio
In a strategic move to expand its renewable energy portfolio and balance its fossil fuel operations, the Oil and Natural Gas Corporation (ONGC) has secured the acquisition of PTC India Ltd's wind power unit for INR 925 crore.
October 25, 2023. By News Bureau
ONGC has been diversifying its business ventures over the years, including petrochemicals and power generation, in addition to its core exploration of hydrocarbons.
The acquisition targets 100 percet equity stake in PTC Energy Limited (PEL), a wholly-owned subsidiary of PTC India Limited (PTC). This transaction recently received approval from the PTC board, though it is still subject to the endorsement of PTC shareholders.
PEL boasts a renewable energy portfolio of 288.8 MW, encompassing 50 MW wind power projects in Madhya Pradesh, 50 MW in Karnataka, and 188.8 MW in Andhra Pradesh.
The company has also established long-term agreements with state distribution companies for its entire wind power project portfolio. In the fiscal year 2022-23, PEL reported a profit of INR 13.88 crore on a revenue of INr 296.77 crore.
ONGC's commitment to renewable energy extends beyond this acquisition, as it aims to invest about INR 2 lakh crore to achieve zero carbon emissions by 2038.
The company has set a target to install 10 gigawatts of renewable energy capacity by 2030 and is actively seeking projects to meet this objective.
Moreover, ONGC is exploring opportunities to establish 25 compressed biogas plants, converting agricultural residue into gas for various applications.
By making this move, ONGC is not only contributing to India's renewable energy goals but also enhancing its own sustainable business practices. As it advances in renewable energy, ONGC continues to explore and produce oil and gas to meet the nation's energy demands.
It is anticipated that ONGC's oil production will reach 20.232 million tonnes in the current fiscal year and 21.265 million tonnes in 2024-25. Furthermore, its natural gas output is projected to increase from 20.636 billion cubic meters in 2022-23 to 23.708 billion cubic meters in 2025-26.
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