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ONGC wins bid to buy PTC’s wind power unit for Rs 925 crore
The PTC board approved the ONGC’s bid for the acquisition of a 100 pc equity stake in PEL at an equity value of Rs 925 cr, the company said.
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NEW DELHI: Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd’s wind power unit for Rs 925 cr to expand its renewable energy business, the govt-owned upstream oil company said.
“With a vision to expand its business in renewable energy, the company had participated in the bidding process for acquisition of 100 per cent equity stake of PTC Energy Limited (PEL), a wholly-owned subsidiary of PTC India Limited (PTC),” it said.
The PTC board approved the ONGC’s bid for the acquisition of a 100 pc equity stake in PEL at an equity value of Rs 925 cr, the company said. The ONGC said it has taken various initiatives for renewable energy power generation and already has 189 megawatt (MW) capacity.
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