Oil and Natural Gas Corporation (ONGC) announced today that its Board of Directors has approved a significant investment in its wholly-owned subsidiary, ONGC Green Limited (OGL). The company will infuse Rs 3,300 crore into OGL by subscribing to a rights issue of equity shares.
OGL, which is fully owned by ONGC, primarily operates in the renewable energy sector. The fresh capital will be used to support its expansion and acquisition plans. Specifically, OGL plans to utilize the funds to acquire a 100% equity stake in Ayana Renewable Power Private Limited through ONGC NTPC Green Private Limited (ONGPL)—a 50:50 joint venture between ONGC Green and NTPC Green Energy Limited (NGEL).
Ayana Renewable Power has a strong portfolio of approximately 4.1 GW of operational and under-construction assets across resource-rich Indian states. Its client base includes high-credit-rated off-takers such as SECI, NTPC, GUVNL, and Indian Railways.
This move marks a significant step in ONGC’s broader push into the renewable energy segment as part of its energy transition strategy. The board meeting approving the investment was held on March 25, 2025.
