India's ONGC unit buys clean energy firm PTC Energy for $106 mln
March 4 (Reuters) - Indian oil explorer Oil and Natural Gas Corp (ONGC.NS), opens new tab said on Tuesday its unit acquired clean energy firm PTC Energy for 9.25 billion Indian rupees ($106.02 million) as the company looks to ramp up its green energy portfolio.
CONTEXT
PTC Energy has operational wind generation capacity of 288 megawatts located at seven locations across three Indian states. It posted a revenue of 3.22 billion rupees in fiscal year 2024
WHY IS IT IMPORTANT
India has committed to setting up 500 GW of non-fossil fuel electricity generation capacity by 2030, but is still falling short of its previously set target to add 175 GW by 2022.
ONGC, via its unit ONGC Green, is aiming to achieve 10 GW renewable energy portfolio by 2030. In February, ONGC and its joint venture NTPC Green Energy (NTPG.NS), opens new tab acquired Ayana Renewable Power, which operates solar and wind plants valued at $2.3 billion.
($1 = 87.2440 Indian rupees)
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
7 hours ago
- Reuters
UK's Metro Bank receives takeover approach, Sky News reports
June 14 (Reuters) - UK's Metro Bank (MTRO.L), opens new tab has been approached about a takeover bid backed by a private equity firm Pollen Street Capital, Sky News reported on Saturday. Reuters could not immediately confirm the report.
Glasgow Times
12 hours ago
- Glasgow Times
Glasgow restaurant marking third birthday with free food
Rickshaw & Co, in Partick Bridge Street, is marking three years of serving Indian and Bangladeshi food in Glasgow's west end by offering customers free and discounted food. Birthday celebrations for the popular eatery, previously crowned the Curry Kings of Glasgow at the Scottish Asian Curry Awards, are due to take place between June 16 to 19. Read more: 'Magical' fairy garden party taking place in Glasgow - here's when On the first day, from noon until 9.30pm, the first 50 customers will be able to enjoy a free sit-in meal, consisting of up to three items from the menu. For the remaining celebration, customers will receive discounts on their food bills, including 50% off on Monday and Tuesday, and 25% off on Wednesday and Thursday. The owners of the popular restaurant, known for its "bold, street-food-inspired flavours and warm hospitality", hope the celebrations will provide a chance for customers to experience the flavoursome food at a good price. Read more: 'Major' event to be held for the 'first time' at XSite Braehead in June Gulshan Soni, Co-founder of Rickshaw & Co, said: "Turning three is a big moment for us. "Whether you're a student, a tourist, or someone who lives round the corner - we want to thank everyone who's supported us. "Come in, grab a seat, and celebrate with us. "Community is what keeps us going."
Reuters
a day ago
- Reuters
Inter Milan set to early repay bond as plans new debt deal
MILAN, June 13 (Reuters) - Champions League finalist Inter Milan is set to repay early a 415 million euro ($479.57 million) high-yield bond this month as the Italian soccer club prepares to secure funds from a new debt deal, it said in a statement on Friday. Inter Milan paid a 6.75% coupon to place a five-year bond in 2022 to refinance Italy's top-flight soccer club's debt. The debt facility was issued by the Serie A club's media company, which manages the broadcast and sponsorship business of Inter Milan. The company plans to redeem the bond on June 26, subject to securing funds from a debt financing transaction by the business day before the redemption date, it said in a statement. Companies typically repay debt early to secure better financial conditions. Controlled by U.S. investment fund Oaktree (OAK_pa.N), opens new tab, Inter Milan was reportedly tapping private debt investors to refinance the debt facility. Oaktree took over the club last year after a missed 395 million euro payment from the then majority shareholder, Chinese conglomerate Suning ( opens new tab. ($1 = 0.8654 euros) (This story has been refiled to fix typos in paragraphs 1 and 5)
