Government approves ONGC's green energy and gas unit.
KJSS
24-01-2024
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In an effort to accelerate its expansion into new markets, the state-owned Oil and Natural Gas Corporation (ONGC) will establish a new division to house both its gas business and sustainable energy initiatives like green hydrogen.
The company said in a stock exchange filing that it was granted permission by the Ministry of Petroleum and Natural Gas last month to establish a wholly-owned subsidiary company focused on renewable energy projects and the gas industry.
"The proposed name of the company is 'ONGC Green Limited' subject to approval of the Ministry of Corporate Affairs, Government of India," it said, adding the company board at its meeting on Tuesday approved the formation of the wholly-owned subsidiary for green energy and gas business.
The wholly-owned subsidiary company will be for value-chains of energy business such as green hydrogen, hydrogen blending, renewable energy (solar, wind and hybrid), biofuels/ biogas business and LNG, ONGC said.