Shares of the Indian oil company, Oil and Natural Gas Corp (ONGC), are getting a lot of attention. Why? Because they just announced that their subsidiary, ONGC Green Ltd, has bought a company called PTC Energy for Rs 925 crore (which is about $106 million). This move is part of ONGC’s plan to invest more in clean energy.
With this acquisition, ONGC now owns 100% of PTC Energy Limited, which was set up in 2008 and is part of PTC India Limited. PTC Energy focuses on wind energy and has the ability to generate power using 288.80 MW of wind energy from 157 wind turbines located in places like Andhra Pradesh, Madhya Pradesh, and Karnataka.
Last year, PTC Energy made a revenue of Rs 322.49 crore, which is higher than Rs 296.76 crore in the previous year.
In a press release, ONGC said that buying PTC Energy is part of its plan to invest more in renewable energy. This is important for ONGC because they want to make their portfolio safer against long-term issues and work on reducing their carbon footprint, which is crucial for our planet.
ONGC aims to develop a big renewable energy portfolio of 10 GW by 2030 and wants to achieve net-zero carbon emissions by 2038.
When it comes to the stock market, ONGC’s share price has dropped by 18.78% over the past year. However, it has performed slightly better than its industry in this time. In the last three years, the stock has given a return of 37.22%.
Leave a Reply