ONGC wins bid to buy PTC’s wind power unit for Rs 925 crore – EQ
In Short : Oil and Natural Gas Corporation (ONGC) has successfully secured the bid to acquire PTC India’s wind power unit for a total of Rs 925 crore. This strategic move allows ONGC to strengthen its foothold in the renewable energy sector, aligning with the global shift towards sustainable energy sources. The acquisition also signifies a significant step in India’s renewable energy landscape, showcasing the increasing prominence of wind power in the country’s energy transition efforts.
In Detail : New Delhi : Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for Rs 925 crore to expand its renewable energy business, the government-owned upstream oil company said.
“With a vision to expand its business in renewable energy, the company had participated in the bidding process for acquisition of 100 per cent equity stake of PTC Energy Limited (PEL), a wholly-owned subsidiary of PTC India Limited (PTC),” it said in a filing with the stock exchanges..
The PTC board last week approved the ONGC’s bid for the acquisition of a 100 per cent equity stake in PEL at an equity value of Rs 925 crore, the company said in the filing.
The ONGC said it has taken various initiatives for renewable energy power generation and already has 189 megawatt (MW) capacity, including wind and solar PV plants spread across various locations apart from growing its core business of oil and gas exploration and production.
