Read on the application
Oil and Natural Gas Corporation (ONGC) has awarded wind power unit of PTC India Limited for Rs. 925 crore has won the acquisition bid. The public sector company (PSU) is focusing on building a renewable energy portfolio to balance its fossil fuel business. Here, ONGC shares fell 1% to Rs. closed at 184.50. At the same time, PTC shares fell nearly 10% to Rs. closed at 133.70.
What are the details?
The country’s largest petroleum and gas producer told the stock market that over the past few years, besides expanding its core business of hydrocarbon exploration, it has also been venturing into petrochemicals and power businesses. ONGC said it has taken several steps for renewable energy power generation and already has a capacity of 189 MW, including wind and solar PV plants spread across various locations.
Also Read- Market rumbled, investors lost ₹ 7.56 lakh crore, these are the factors for the decline
What the company said
“To expand its business in renewable energy, the company participated in a bidding process to acquire 100 per cent stake in PTC Energy Limited (PEL), a wholly owned subsidiary of PTC India Limited,” the company said. statement.” According to the statement, the PTC board last week approved ONGC’s bid to acquire 100 per cent equity stake in PEL at an equity value of Rs 925 crore. The deal is pending approval from PTC shareholders.