ONGC Green Ltd., a wholly owned subsidiary of Oil & Natural Gas Corporation (ONGC), has completed the acquisition of a 100% stake in PTC Energy Ltd. (PEL) for Rs 9.25 billion, according to an exchange filing on Tuesday. The acquisition, which includes 65.4 crore equity shares, marks a significant step in ONGC's strategy to expand its renewable energy portfolio and mitigate long-term risks associated with fossil fuel dependency. Through this strategic investment, ONGC aims to strengthen its foothold in the energy transition space, aligning with global sustainability goals and India's commitment to reducing carbon emissions. The move is part of ONGC's broader objective of de-risking its portfolio and accelerating the shift towards clean energy solutions. Established in August 2008, PTC Energy Ltd. is a wholly owned subsidiary of PTC India Ltd. and operates a total wind power capacity of 288.8 MW across seven locations in Andhra Pradesh, Madhya Pradesh, and Karnataka. The company runs 157 wind turbine generators, contributing to India’s growing renewable energy sector. In FY 2023–24, PEL reported a turnover of Rs 3.22 billion, highlighting its steady revenue stream within the wind energy segment. Additionally, ONGC has been allotted 120 crore equity shares of Rs 10 each by ONGC Green Ltd. through a rights issue subscription, further reinforcing its commitment to green energy investments. Market and Industry Outlook India’s renewable energy sector is witnessing rapid expansion, driven by government incentives, corporate sustainability commitments, and global decarbonisation efforts. With the country targeting 500 GW of non-fossil fuel capacity by 2030, ONGC’s acquisition of PTC Energy aligns with the broader push for clean energy adoption. Shares of ONGC closed 0.72% higher at Rs 226.76 on the NSE, outperforming the Nifty 50’s 0.17% decline. However, the stock has dropped 18.76% over the past year. Market sentiment remains mixed, with 20 out of 29 analysts rating ONGC as a ‘buy’, while four suggest ‘hold’ and five recommend ‘sell’, according to Bloomberg data. Despite recent volatility, analysts project a potential 35.2% upside in ONGC’s share price over the next 12 months, reflecting confidence in the company’s strategic energy transition initiatives.