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ONGC wins bid to buy PTC’s wind power unit for Rs 925 crore
TIWN
TIWN
PHOTO : TIWN
New Delhi, Oct 22 : Oil and Natural Gas Corporation (ONGC) has won a bid to acquire PTC India Ltd's wind power unit for Rs 925 crore to expand its renewable energy business, the government-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 in a filing with the stock exchanges.. The PTC board last week approved the ONGC's bid for the acquisition of a 100 per cent equity stake in PEL at an equity value of Rs 925 crore, the company said in the filing.
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