ONGC to acquire PTC wind power unit in Rs 925 cr deal

by Psu Connect
Date: 24-10-23

The Company has taken various initiatives for Renewable Energy power generation and it has installed around 189 MW capacity including wind and solar PV plants spread across various locations.

ONGC to acquire PTC wind power unit in Rs 925 cr deal

New Delhi: ONGC - India's Largest Crude Oil and Natural Gas provider has won a bid to acquire PTC India Ltd's wind power unit for Rs 925 crore.

The Company has taken various initiatives for Renewable Energy power generation and it has installed around 189 MW capacity including wind and solar PV plants spread across various locations.

With a vision to expand its business in Renewable Energy, the Company participated in the bidding process for the acquisition of a 100% equity stake of PTC Energy Limited (PEL), a wholly owned subsidiary of PTC India Limited (PTC), ONGC mentioned in its BSE Filling.

It is informed that Board of Directors of PTC, at its Meeting held on 19.10.2023, subject to approval of their shareholders, accorded its approval for the bid submitted by the Company, for acquisition of 100% equity stake in PEL at an equity value of `925 Crore, subject to adjustments in bid value as per the bid format.