In Short : The Oil and Natural Gas Corporation (ONGC) has issued a clarification regarding reports about the public listing of its green energy subsidiary. ONGC stated that while it remains committed to expanding its renewable energy portfolio, no final decision has been made regarding the timeline or specifics of a public offering for its green energy arm.
In Detail : Oil and Natural Gas Corporation (ONGC) issued a clarification regarding speculation about the potential public listing of its subsidiary, ONGC Green Limited (OGL).
ONGC Director (Exploration) Sushma Rawat discussed the company’s exploration activities, growth strategies, and its focus on developing a green energy portfolio. Rawat added that it may come up with a listing of its green energy subsidiary ONGC Green in opportune time.
However, the company said in an exchange filing that any decision about a public listing for OGL is subject to approval by its Board and remains a possibility for the future.
“At present, no concrete plans have been made for a listing,” the state-run oil company stated.
In February this year, ONGC announced that it has incorporated a new subsidiary, ONGC Green, with an authorised capital of ₹100 crore. By 2030, ONGC plans to invest ₹1 lakh crore, and is investing on multiple green initiatives and scaling up its renewable portfolio to 10 GW.
