ONGC Unit Acquires PTC Energy for $106 Million to Boost Green Energy

Oil and Natural Gas Corporation Ltd announced on Tuesday that its subsidiary has acquired PTC Energy for ₹9.25 billion ($106.02 million). This move aligns with ONGC’s strategy to strengthen its green energy portfolio.

About PTC Energy

PTC Energy Ltd operates wind power projects with a total capacity of 288 megawatts. These projects are spread in 7 locations in 3 Indian states. In the financial year 2024, the company generated revenue of ₹3.22 billion.

Why This Matters

India has set an target of achieving 500 GW of non-fossil fuel power generation by 2030. However, the country has yet to meet its earlier goal of adding 175 GW by 2022.

ONGC, through its subsidiary ONGC Green, is working towards building a renewable energy capacity of 10 GW by 2030. In February, ONGC and its joint venture NTPC Green Energy acquired Ayana Renewable Power, a company with solar and wind assets valued at $2.3 billion.

About ONGC

ONGC is a central public sector enterprise in India and the country’s largest state-owned oil and gas exploration and production company. It contributes approximately 70% of India’s crude oil production and about 84% of its natural gas output.

As of March 5, 9:41 AM IST, ONGC share price is trading at ₹227.94, up 0.52% (+₹1.18). The stock opened at ₹227.12 and reached a high of ₹229.21 and a low of ₹226.76. ONGC has a market capitalisation of ₹2.87 lakh crore, a P/E ratio of 7.20, and a dividend yield of 5.92%. The stock’s 52-week high stands at ₹345.00, while its 52-week low is ₹215.48.

Conclusion

ONGC’s acquisition of PTC Energy aligns with its renewable expansion strategy, reinforcing its commitment to India’s green energy transition.

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