ONGC to form subsidiary ONGC Green Ltd, form JV with NTPC Green Energy Ltd

Oil and Natural Gas Corporation Ltd (ONGC) has received approval of Ministry of Petroleum & Natural Gas (MoPNG) on 05.12.2023 for formation of a wholly-owned subsidiary company. The proposed name of the company is "ONGC Green Limited" subject to approval of the Ministry of Corporate Affairs, Govt. of India.

The wholly-owned subsidiary company shall be engaged into the business of value-chains of energy business viz. Green Hydrogen, Hydrogen blending, Renewable Energy (Solar, Wind and Hybrid etc.), Bio-fuels/ Bio-gas business and LNG.

The Board has accorded its in-principle approval for formation of a Joint Venture Company (JVC) either directly by ONGC or through its Affiliate/Subsidiary, with NGEL - a wholly owned subsidiary of NTPC Limited, subject to necessary Government/ regulatory approval(s) including from NITI Aayog, DIPAM and Administrative Ministry. The said JVC shall be engaged into the business of Offshore Wind Energy & other Renewal Energy.

Shares of Oil & Natural Gas Corporation Limited was last trading in BSE at Rs. 241.85 as compared to the previous close of Rs. 242.00. The total number of shares traded during the day was 387786 in over 4228 trades.

The stock hit an intraday high of Rs. 245.40 and intraday low of 240.45. The net turnover during the day was Rs. 94102746.00.

Source : Equity Bulls

Keywords

OilandNaturalGasCorporation INE213A01029 ONGCGreen JV NTPCGreenEnergy