ONGC Gets Nod to Acquire PTC India’s Subsidiary, PTC Energy, for INR 925 Crore

PTC India Ltd. has given the green light to ONGC Ltd.’s proposal to acquire its subsidiary, PTC Energy Ltd., in a deal valued at Rs 925 crore. The company’s board has approved the offer, contingent upon adjustments in accordance with the bid format, as indicated in an official exchange filing on Thursday.

This transaction is contingent on the fulfillment of specific conditions precedent, along with compliance with applicable laws, terms, and approvals, as stated in the filing.

PTC India will now seek shareholder approval for the sale of its wholly-owned subsidiary, PTC Energy.

PTC Energy, established in August 2008, was tasked with developing an asset base, including responsibilities for generation, supply, distribution, transmission, and trading in various forms of energy. This encompassed activities such as coal import and export, conversion of coal/fuels into electricity, fuel linkages, and the provision of advisory services in the energy sector and energy efficiency.

The subsidiary has successfully commissioned wind projects with a combined capacity of 288.8 MW, spanning seven projects located in Madhya Pradesh, Andhra Pradesh, and Karnataka.

PTC India, established in 1999 as a government-backed public-private partnership, is a prominent provider of power trading solutions in India.