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ONGC-NTPC will jointly buy a 100% stake of renewable power firm Aana. The Competition Commission of India (CCI) has approved it on Tuesday (March 11). This purchase will be done for Rs 19,500 crore. The ONGC and NTPC will have a 50-50% stake in Aana Renewable Power Private Limited.
Both companies had made a deal to buy Aana last month. The deal was signed between ONGC-NTPC and Aana's current shareholder National Investment and Infrastructure Fund (51% stake), British International International Investment PLC (32% shareholder) and Evercers Capital (17%).
Second largest deal in renewable energy sector
This is the second largest deal in the renewable energy sector. Earlier in October 2021, Adani Green Energy bought SB Energy India for Rs 30.52 thousand crore ($ 3.5 billion). Aana Power has an operational and under construction asset of 4.1 GW.
ONGC profit reduced by 17% on annual basis
Oil and Natural Gas Corporation (ONGC) made a net profit of Rs 8,240 crore in the third quarter of FY 2024-25. It has decreased by 17% on an annual basis. In the same quarter of a year ago, the company recorded a profit of Rs 9,892 thousand crore. The second quarter of FY25 made a net profit of Rs 10,273 crore. It decreased by 25 % on an annual basis.
ONGC's consolidated operational revenue was Rs 1,58,329 crore (Rs 1.58 lakh crore) in the July-September quarter of FY 2024-25. It has increased by 7.25% on an annual basis. In the same quarter of a year ago (July-September 2023), the company generated a revenue worth Rs 1,47,614 crore (Rs 1.48 lakh crore).
ONGC contributes about 71% to Indian domestic production
Maharatna is India's largest company of ONGC crude oil and natural gas. It contributes about 71% to India's domestic production. The ONGC Indian Oil Corporation (IOC), BPCL, HPCL and MRPL companies produce crude oil used as raw materials in companies. These companies make petroleum products like petrol, diesel, kerosene, napha and cooking gas LPG.
The ONGC was established in the 1960s. In 1955, the foundation of ONGC was laid as Oil and Gas Division under the Geological Survey of India. A few months later, it was converted into oil and natural gas directorate. On 14 August 1956, the directorate was converted into commission and named Oil and Natural Gas Commission.
In 1994, the Oil and Natural Gas Commission was converted into a corporation, and in 1997 it was recognized by the Government of India as one of the Navratnas. Subsequently, in the year 2010 it was given the status of Maharatna.
