Oil and Natural Gas to Invest INR12 Billion in ONGC Green

MT Newswires Live

02-25

Oil and Natural Gas' (NSE:ONGC, BOM:500312) board approved an investment of 12 billion Indian rupees into its wholly-owned subsidiary, ONGC Green, through a rights issue subscription.

The funds will be used to acquire a 100% stake in PTC Energy as part of a previously announced deal, according to a Monday filing with the Indian bourses.

Oil and Natural Gas' board also approved replacing a corporate guarantee of 750 million Indian rupees on behalf of ONGC Green for PTC Energy.

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