ONGC seals Rs. 925-cr PTC’s acquisition deal
In an attempt to increase its green energy generation capacity, Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC’s wind power plant, making an investment of Rs 925 crore. This move aims to enable the company to expand renewable energy (RE) portfolio and balance its fossil fuel-based business operations. ONGC’s vision is to expand its business in RE. ONGC's vision entails the expansion of its business into renewable energy. To realize this, the company actively participated in the bidding process to acquire a 100 percent equity stake in PTC Energy (PEL), a wholly-owned subsidiary of PTC India (PTC). ONGC has taken various initiatives for RE power generation and currently operates a total capacity of 189 MW capacity, including wind and solar PV plants spread across various locations.