ONGC Green, a wholly-owned subsidiary of India’s state-run Oil and Natural Gas Corporation (ONGC), has acquired 100% equity in PTC Energy Ltd. for ₹925 crore, marking a significant step in expanding its renewable energy footprint. The deal, finalized this week, follows a share purchase agreement signed with PTC India Ltd., the parent company of PTC Energy, which operates wind power projects across India.

PTC Energy’s portfolio includes 288.8 MW of wind power capacity, primarily in Andhra Pradesh, Madhya Pradesh, and Karnataka. This acquisition aligns with ONGC’s strategy to diversify beyond fossil fuels and bolster its green energy capabilities amid India’s push for net-zero emissions by 2070. ONGC Green, established to focus on renewable ventures, will integrate these assets to enhance its operational scale, with ONGC infusing ₹1,200 crore into the subsidiary to support the deal and future growth, according to industry sources.

The transaction, reported by NDTV Profit and confirmed via posts on X, reflects ONGC’s aggressive pivot toward sustainability. PTC Energy’s wind farms, operational since 2016, generated steady revenue, making it an attractive buy for ONGC Green, which aims to leverage existing infrastructure rather than build anew. Analysts see this as a cost-effective move, though some question the long-term profitability given fluctuating wind power tariffs.

ONGC’s upstream oil and gas dominance contrasts with this downstream renewable play, signaling a broader energy transition. The deal awaits regulatory nods but is expected to close soon, strengthening ONGC’s position in India’s renewable sector. As global energy dynamics shift, this acquisition underscores India’s state-owned giants adapting to greener horizons.