ONGC’s unit, ONGC Green Ltd (OGL) acquired a 100% equity stake in PTC Energy Limited, the company informed on Tuesday. The company has 120 crore equity shares of Rs 10 each by OGL by way of subscription on the right basis, it added.
PTC Energy Limited established in August 2008, as a wholly owned subsidiary of PTC India Limited, has an aggregate operational wind generation capacity of 288.80 MW located in 7 locations in Andhra Pradesh, Madhya Pradesh, and Karnataka. It operates 157 Wind Turbine Generators across all its wind farms.
Turnover of PTC Energy in FY 2024 was Rs 322.49 crore. Meanwhile, the same for FY 2023 was Rs 296.76 crore.
“By way of acquisition of PEL through OGL, a wholly owned subsidiary, ONGC will scale up its investments in the renewable energy sector to achieve its objectives of de-risking its portfolio against long-term disruptions and reducing its carbon footprint by making strategic investments in the energy transition space,” the company said in its press release.
OGL has taken various initiatives to achieve a 10 GW renewable energy portfolio for ONGC by 2030 and net zero target by 2038.
ONGC share price
Shares of the company fell 18.78% and outperformed its sector by 0.69% in the past year. Meanwhile, the stock has offered 37.22% returns in the last three years. According to Trendlyne, ONGC has better one-year returns than the sector but worse returns than Sensex, Nifty50, and Industry.
