India's largest oil and gas producer Oil and Natural Gas Corp., has approved a Rs 99 crore equity investment in its newly created wholly-owned subsidiary ONGC Green Ltd.
The company's board has also accorded in-principle investment approval in additional equity of Rs 1,100 crore in ONGC Green, according to an exchange filing. This additional investment would be at a later date in furtherance of its business expansion, it said.
ONGC Green
ONGC Green Ltd. was incorporated as a wholly-owned subsidiary of ONGC on Feb. 27 to pursue renewable energy, bio-fuels, green hydrogen, and carbon capture projects.
It is proposed to be engaged in renewable energy spaces like solar, wind, hyrbid, hydel, tidal and geothermal. It will also engage with renewable energy sources like biofuels and biogas, green hydrogen and its derivatives like green ammonia and green methanol. ONGC also stated that the company will also be involved in storage, carbon capture utilisation and storage, and the liquified natural gas business.
The company was set up with an authorised capital of Rs 1,000 crore; the company subscribed to 10 lakh shares of face value Rs 10, which is 100% of ONGC Green's shareholding.
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