State-owned 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.
In a stock exchange filing, the firm said it last month received approval of the Ministry of Petroleum and Natural Gas for formation of a wholly-owned subsidiary company for gas business and clean energy projects.
“The proposed name of the company is ‘ONGC Green Limited’ subject to approval of the Ministry of Corporate Affairs, Government of India,” it said, adding the company board at its meeting on Tuesday approved the formation of the wholly-owned subsidiary for green energy and gas business.
