India’s state-owned Oil and Natural Gas Corporation (ONGC) has approved an investment of Rs1.2bn ($13.84m) in its subsidiary, ONGC Green, to acquire PTC Energy.
ONGC announced its decision to invest in ONGC Green on 24 February 2025 through a rights offer of equity shares.
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The investment will be used to acquire a 100% equity stake in PTC Energy, as per the share purchase agreement signed on 13 September 2024.
ONGC stated in a regulatory filing: “In continuation of our filing dated 05.03.2024, the company shall make an investment in ONGC Green (OGL) by infusing Rs1.2bn by way of subscription to the rights offer of equity shares issued by OGL.”
ONGC’s board has approved the replacement of a Rs750m corporate guarantee on behalf of ONGC Green for PTC Energy.
The company further stated: “It is hereby informed that OGL shall utilise the rights equity share capital proceeds for investments in acquisition of 100% equity stake of PTC Energy.”
Shares of ONGC ended at Rs234.35, down by Rs5.55, or 2.31% on the Bombay Stock Exchange.
Tata Power Renewable Energy (TPREL), a subsidiary of the Tata Power Company, has also recently announced a partnership with ONGC to explore opportunities within the battery energy storage system (BESS) value chain.
This non-binding memorandum of understanding (MoU) aims to enhance India’s energy security through renewable energy and advanced storage solutions.
The MoU was signed at India Energy Week 2025, held in New Delhi from 11 February to 14 February, in the presence of TPREL CEO and managing director Deepesh Nanda and other dignitaries.
The partnership will explore applications such as utility-scale energy storage systems, grid stabilisation, renewable energy integration and electric vehicle charging infrastructure.
The collaboration will also focus on industrial and commercial energy storage applications, and microgrid and back-up power solutions.
