ONGC to acquire PTC’s wind power unit

New Delhi, October 24

Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for Rs 925 crore as the state-owned firm continues to build a renewable energy portfolio to balance its fossil fuel business.

In a stock exchange filing, India’s top oil and gas producer said it has over the years diversified into the petrochemicals and power business besides growing its core business of finding hydrocarbons.

“With a vision to expand its business in renewable energy, the company had participated in the bidding process for acquisition of 100% equity stake of PTC Energy Limited (PEL), a wholly owned subsidiary of PTC India Limited (PTC),” it said.

The PTC Board last week approved ONGC’s bid for the acquisition of a 100% equity stake in PEL at an equity value of Rs 925 crore, it said.