Oil and Natural Gas Corporation (ONGC) has secured a bid to acquire PTC India Limited’s wind power division for a sum of Rs 9.25 billion to build a renewable energy projects.
This move is part of ONGC’s strategy to expand its renewable energy portfolio while continuing to operate in the fossil fuel industry. ONGC, over the years, has diversified into various sectors, including petrochemicals and power generation, in addition to its core business of hydrocarbon exploration. ONGC already has a significant presence in the renewable energy sector with a total capacity of 189 MW from wind and solar photovoltic plants located in different regions. To further strengthen its renewable energy business, ONGC actively participated in the acquisition process of a 100 per cent equity stake in PTC Energy Limited, a wholly-owned subsidiary of PTC.