ONGC receives approval for new subsidiary for clean energy, gas business

Oil and Natural Gas Corporation Limited (ONGC) has received approval from the Ministry of Petroleum and Natural Gas (MoPNG) for the formation of a wholly- owned subsidiary for clean energy projects and gas business. The proposed name for the company, ONGC Green Limited, is subject to necessary approvals. The company will focus on the various facets of the energy business including green hydrogen, hydrogen blending, renewable energy, biogas and liquefied natural gas within its value chains. Besides, the board of ONGC has also granted in-principle approval for the formation of a joint venture (JV) with NTPC Green Energy Limited for offshore wind energy and other renewable energy projects. Besides, the company is also planning to invest Rs 10 trillion to install 10 GW renewable energy capacity along with setting up two million tonnes per annum capacity green ammonia plant by 2035 as part of its decarbonisation strategy.