(MENAFN- KNN India) New Delhi, Jan 23 (KNN) The Ministry of petroleum and Natural gas has given its approval for the establishment of a subsidiary company by Oil and Natural gas Corporation Limited (ONGC), focusing on green energy and gas ventures.
The newly formed company, tentatively named "ONGC Green Limited," will be involved in various businesses, including green hydrogen, hydrogen blending, renewable energy (solar, wind, and hybrid), biofuels, biogas, and LNG.
This announcement was made during ONGC's board meeting held on Tuesday.
The board meeting highlighted the in-principle approval for the formation of a Joint Venture Company (JVC) with NTPC Green Energy Limited. This collaborative venture will focus on engaging in Offshore Wind Energy and other Renewable Energy projects.
The board meeting outcomes also revealed that the proposed name, "ONGC Green Limited," is subject to approval from the Ministry of Corporate Affairs, Government of India.
The company, designated as a wholly-owned subsidiary, aims to contribute to energy value chains, emphasising green initiatives.
India, in line with its commitments made at COP26 in 2021, has pledged to achieve ambitious goals known as the "Panchamrit" pledge.
These include reaching 500 GW of non-fossil electricity capacity, generating half of the energy requirements from renewables, reducing emissions by 1 billion tonnes by 2030, decreasing the emissions intensity of GDP by 45 per cent, and committing to net-zero emissions by 2070.
India, as the world's third-largest oil importer and consumer, relies on crude oil from global sources to meet its domestic demand.
The recent approval for ONGC's green energy subsidiary reflects India's commitment to diversifying its energy portfolio and embracing sustainable practices.
(KNN Bureau)
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