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ONGC Incorporates its Subsidiary for Green Energy, Gas Biz

The Oil and Natural Gas Corporation (ONGC) announced that it has incorporated a wholly owned subsidiary, ONGC Green, on 27 February 2024, with an authorized capital of Rs 1 billion and subscribed and paid up capital of Rs 10 million.

 

ONGC Green engage into the business of value-chains of energy business viz. renewable energy (solar, wind, hybrid, hydel, tidal and geothermal etc.), bio-fuels/ bio-gas business, green hydrogen and its derivatives like green ammonia, green methanol, storage, carbon capture utilization and storage and LNG business.

 

The company incorporated the subsidiary by subscribing to 1 million equity shares at a face value of Rs 10 each.

 

On 5 December 2023, the Ministry of Petroleum & Natural Gas (MOP&NG), Government of India had conveyed their approval to form the proposed 100% subsidiary of ONGC for green energy and gas business.

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