ONGC Green buys PTC Energy for Rs 1,179 crore in 2025

Deal snapshot: 100% acquisition completed

ONGC Green Limited (OGL), a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), has acquired a 100% equity stake in PTC Energy Limited (PEL). The development was disclosed by ONGC in a press release and has also been detailed through regulatory updates from PTC India Ltd, which divested its entire stake in PEL.

The transaction positions OGL to expand ONGC’s renewable energy footprint as the state-owned oil and gas major looks to diversify its portfolio. ONGC said the acquisition supports its objective of de-risking against long-term disruptions and reducing its carbon footprint by making strategic investments in the energy transition space.

Consideration: Rs 1,179 crore paid in two tranches

PTC India said the deal value for the divestment of its 100% stake in PEL stood at Rs 1,179 crore. The completion was linked to receipt of the final instalment of Rs 254 crore on March 19, 2025 (after business hours).

Earlier, PTC India had received Rs 925 crore on March 4, 2025 as the initial payment. The company stated that the final receipt reflected adjustments to the bid price under the Share Purchase Agreement.

What ONGC bought: equity shares and full control

ONGC Green acquired 65,41,17,494 equity shares, representing a 100% equity stake in PTC Energy Limited. With this, OGL has taken full control of PEL and is expected to integrate the acquired assets into its expanding green energy portfolio.

Separate from the PEL acquisition, ONGC also disclosed that it subscribed to 120 crore equity shares of Rs 10 each in OGL on a rights basis. The company described this step as part of scaling up investments in renewables through the subsidiary.

PTC India’s divestment process and key dates

PTC India described the transaction as part of a planned divestment strategy, and said it had issued multiple updates earlier. The company entered into a Share Purchase Agreement (SPA) on September 13, 2024, which set out the terms of the sale.

PTC India also referenced prior disclosures dated October 19, 2023, October 26, 2023, September 13, 2024, and March 4, 2025, before confirming completion on March 19, 2025 after receiving the balance consideration.

Asset base: wind portfolio of 288.80 MW across three states

PEL, a wholly owned subsidiary of PTC India prior to the sale, is engaged in renewable energy with a focus on wind power. As per the information shared, PEL has an aggregate operational wind generation capacity of 288.80 MW.

The wind assets are located across seven locations in Andhra Pradesh, Madhya Pradesh, and Karnataka. The operational footprint is relevant for ONGC Green’s scale-up plans because it adds running capacity rather than only development-stage projects.

Why ONGC is doing this: energy transition and risk diversification

ONGC framed the acquisition as part of a broader strategy to diversify its energy mix. In its communication, the company said buying PEL through OGL would help it scale up investments in renewables, de-risk its portfolio against long-term disruptions, and reduce its carbon footprint.

The stated direction aligns with ONGC Green’s longer-term targets mentioned in the coverage. OGL aims to build a 10 GW renewable energy portfolio for ONGC by 2030, along with a net-zero target for Scope 1 and Scope 2 emissions by 2038.

What it means for PTC India: small revenue share, large net worth share

PTC India disclosed that PEL contributed around 2% of PTC India’s consolidated turnover in FY24. It also accounted for 14.6% of the company’s net worth in the last financial year.

This contrast indicates that while PEL was not a major contributor to turnover, it represented a meaningful portion of net worth. PTC India also stated the transaction was conducted at arm’s length and does not fall under related-party transactions, noting that OGL is not part of PTC India’s promoter group.

Stock moves cited after the updates

Market reactions were modest, based on prices cited in the reports. PTC India shares were reported trading 0.29% higher at Rs 158.05 on the BSE after one update. Another market reference showed PTC India up 1.39% at Rs 159.85 around 12:41 pm on a Thursday.

ONGC shares were reported up 1.01% to Rs 229.15 after the disclosure that its subsidiary acquired a 100% stake in PEL. Separately, one report noted that the stock (as referenced in that coverage) delivered -10% returns over 1 year and 333% over 5 years.

Key facts table

Why the transaction matters for the sector

The transaction underlines how large legacy energy companies are using acquisitions to build renewable capacity and broaden their asset mix. For ONGC Green, the purchase adds operational wind generation capacity and expands its presence in India’s renewable energy market.

For PTC India, the completion closes a multi-stage divestment process, with the final consideration received after price adjustments under the SPA. The company has positioned the divestment as a step that allows it to streamline operations and focus on core growth areas, while transferring a renewable energy platform to a buyer building scale in the segment.

Conclusion

ONGC Green’s acquisition of PTC Energy for Rs 1,179 crore was completed on March 19, 2025 after PTC India received the final Rs 254 crore, following an earlier Rs 925 crore payment on March 4, 2025. ONGC has linked the deal to its broader goals of portfolio diversification, renewable expansion, and carbon footprint reduction, with OGL targeting a 10 GW renewable portfolio by 2030 and net-zero Scope 1 and Scope 2 emissions by 2038.