Oil and Natural Gas Corporation (ONGC) will set up a new unit to house its gas business and clean energy projects such as green hydrogen, as it looks to fast-track foray into new areas. The proposed name of the company is ‘ONGC Green Limited’ subject to approval of the Ministry of Corporate Affairs, Government of India,” the company said.
It plans to spend Rs 1 lakh crore on installing 10 GW of renewable energy capacity, and setting up two million tonnes of green ammonia annual production capacity by 2035 as part of its decarbonisation strategy.
The said joint venture company shall be engaged into the business of offshore wind energy and other renewal energy,” it said.
