OGL signs Share Purchase Agreement for Acquisition of PTC Energy Limited
OGL has signed Share Purchase Agreement on 13.09.2024 with PTC India Limited for acquisition of 100 % equity stake in PTC energy Limited (PEL), the company added.
State-owned ONGC Green Ltd has submitted a bid to acquire a 100% equity stake in PTC Energy Limited.
According to the exchange filing, the Company has taken various initiatives in the Renewable Energy domain to achieve its Net Zero Target (Scope 1 & 2) by 2038. The Company has incorporated a wholly-owned subsidiary, ONGC Green Limited (OGL) to consolidate these efforts and accelerate progress.
OGL is primarily engaged in green energy and gas businesses viz. renewable energy (solar, wind, hybrid, hydel, tidal and geothermal, etc.), biofuels/ bio-gas business, green hydrogen and its derivatives such as green ammonia, green methanol, storage, carbon capture utilization and storage and LNG business.
OGL has signed Share Purchase Agreement on 13.09.2024 with PTC India Limited for acquisition of 100 % equity stake in PTC energy Limited (PEL), the company added.
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PEL has an aggregate operational wind generation capacity of 288.80 MW located in Andhra Pradesh (AP), Madhya Pradesh (MP), and Karnataka. It operates a total of 157 Wind Turbine Generators (WTGs) across all its wind farms.
The aforesaid acquisition is, subject to completion of Condition Precedents and other terms and conditions, as per the Share Purchase Agreement executed between the parties and approvals, as may be required under applicable laws, the company stated in the filing.
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Additionally, the ONGC Petro Additions Ltd has allotted 61,070 lakh equity shares of Rs 10/- each to the Company on 12.09.2024 against the conversion of 2 tranches of CCDs (I & III tranches of Rs 5,615 crore and Rs 492 crore; respectively) of Rs 6,107 crore.
Upon issuance of 61,070 lakh shares, the shareholding of the Company in OPaL increased from 81.28% to 91.16% equity shares.
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