ONGC incorporates wholly owned subsidiary for green energy and gas biz

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 100 crore and subscribed and paid up capital of Rs 1 crore.

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 utilisation and storage and LNG business.

The company incorporated the subsidiary by subscribing to 10 lakh 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.

Oil and Natural Gas Corporation (ONGC) is the largest crude oil and natural gas company in India, contributing around 71% to Indian domestic production. It has in-house service capabilities in all areas of exploration and production of oil & gas and related oil-field services. The Government of India held 58.89% stake in ONGC as of December 2023.

The companys standalone net profit dropped 13.66% to Rs 9,535.67 crore in Q3 FY24 as compared with Rs 11,044.73 crore posted in Q3 FY23. Revenue from operations declined 9.83% year on year (YoY) to Rs 34,788.07 crore in the quarter ended 31 December 2023.

Shares of ONGC declined 1.10% to Rs 266.40 on the BSE.

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