Oil & Natural Gas Corporation Limited — Important, 12-02-2025: General Updates

ONGC has taken significant steps to enhance its Renewable Energy initiatives, aiming to achieve its Net Zero Target by 2038. The company has established a wholly owned subsidiary, ONGC Green Limited (OGL), which has formed a joint venture, ONGC NTPC GREEN PRIVATE LIMITED (ONGPL), with NTPC Green Energy Limited. This venture will focus on developing and acquiring Renewable Energy projects.

ONGPL has signed a Share Purchase Agreement to acquire a 100% equity stake in Ayana Renewable Power Private Limited for an enterprise value of approximately ₹195 billion (USD 2.3 billion). Ayana is a robust Renewable Energy platform with 4.1 GW of operational and under-construction assets. The acquisition is contingent on the completion of specific conditions outlined in the agreement and will require necessary approvals. This move represents a strategic opportunity for ONGC to bolster its position in the growing renewable energy sector.