ONGC Invests 1,200 Crore in Wholly Owned Subsidiary and Approves Acquisition of PTC Energy Limited

The Board of Directors of Oil and Natural Gas Corporation Ltd (ONGC) approved an investment of 1,200 Crore (Rupees One-Thousand Two Hundred Crore) in its wholly owned subsidiary, ONGC Green Limited (OGL), by subscribing to the Rights Offer of equity shares issued by OGL. The investment proceeds will be used for the acquisition of 100% Equity stake of PTC Energy Limited. Additionally, ONGC will provide a replacement of Corporate Guarantee of 75 Crore (Rupees Seventy-Five Crore) on behalf of OGL in respect of PTC Energy Limited.