The Ministry of Petroleum and Natural Gas has greenlit the establishment of a subsidiary company under Oil and Natural Gas Corporation Limited (ONGC) dedicated to green energy and gas ventures. The newly formed company will focus on various sectors including green hydrogen, hydrogen blending, renewable energy (solar, wind, and hybrid), biofuels, biogas, and LNG. Following the board meeting, the proposed name for the company is "ONGC Green Limited," pending approval from the Ministry of Corporate Affairs, Government of India.
“In continuation of our filing dated 13.02.2021, it is hereby updated that the Company has received approval from the Ministry of Petroleum and Natural Gas (MoPNG) on 05.12.2023 for the formation of a wholly-owned subsidiary company,” the outcome of the meeting read.
“The wholly-owned subsidiary company shall be engaged into the business of value-chains of energy business viz. Green Hydrogen, Hydrogen blending, Renewable Energy (Solar, Wind and Hybrid etc.), Bio-fuels/ Bio-gas business and LNG,” it added.
During the meeting, the Board also granted its in-principle approval for the establishment of a Joint Venture Company (JVC) with NTPC Green Energy Limited.
The JVC will focus on Offshore Wind Energy and other Renewable Energy ventures. India made a significant commitment at COP26 in 2021 with its ambitious "Panchamrit" pledge, aiming to achieve 500 GW of non-fossil electricity capacity, generate half of all energy needs from renewables, and reduce emissions by 1 billion tonnes by 2030.