Indian multinational crude oil and gas company Oil and Natural Gas Corporation (ONGC) has revealed plans to reach 10GW of renewable energy capacity by 2040 through acquisitions.

ONGC chairman Subhash Kumar announced the target during an analysts’ conference after the company released its earnings for the three months to 30 June.

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Kumar said: “Renewable [energy] seems to be making lots of business today and we are looking at the possibility of inorganic investment in renewables.”

Reuters reported that ONGC is also seeking to introduce foreign investors for exploring new areas, including deep-water oil and gas blocks on the east coast.

Last May, Indian energy conglomerate NTPC signed a memorandum of understanding (MoU) with ONGC to form a joint venture company for the renewable energy business.

The two companies intend to expedite their footprint in the renewable energy business in the country.

Under the terms of the MoU, NTPC and ONGC have agreed to explore and establish offshore wind and other renewable energy projects in both domestic and overseas markets.

India aims to increase its renewable energy capacity from 100GW to 450GW by 2030 and reduce its reliance on thermal power production.

In a separate development, Tata Power subsidiary Tata Power Renewable Energy Limited (TPREL) has announced the commissioning of a 100MW solar power project at Raghanesda Solar Park in the state of Gujarat.

The project was awarded by Gujarat Urja Vikas Nigam Limited (GUVNL).

Tata Power managing director and CEO Dr Praveer Sinha said: “We are proud to announce that TPREL has commissioned the 100MW project at one of the biggest solar parks in the country in Gujarat.

“We are steadfast in our conviction towards promoting the realisation of clean and green energy in the country through solar power generation.”

In its first year of operations, the plant is expected to produce 255 million energy units and reduce 200,000t of carbon emissions.