Indian oil explorer Oil and Natural Gas Corp said on Tuesday its unit acquired clean energy firm PTC Energy for Rs 9.25 billion ($106.02 million) as the company looks to ramp up its green energy portfolio.
CONTEXT
PTC Energy has operational wind generation capacity of 288 megawatts located at seven locations across three Indian states.
It posted a revenue of Rs 3.22 billion in fiscal year 2024.
WHY IS IT IMPORTANT
India has committed to setting up 500 GW of non-fossil fuel electricity generation capacity by 2030, but is still falling short of its previously set target to add 175 GW by 2022.
ONGC, via its unit ONGC Green, is aiming to achieve 10 GW renewable energy portfolio by 2030. In February, ONGC and its joint venture NTPC Green Energy acquired Ayana Renewable Power, which operates solar and wind plants valued at $2.3 billion.
