To reach green energy milestone, ONGC charts buyout route

Though not in a “tearing hurry”, state-owned Oil and Natural Gas Corporation (ONGC) is looking at acquisitions to reach its target of 10 GW of installed renewable energy capacity by 2040.

“Renewables seem to be making a lot of business sense today. We are looking at the possibility of inorganic investments,” said ONGC Chairman Subhash Kumar in an analyst call. He, however, said the company was not in a “tearing hurry” to reach its target quickly as it was not immediately necessary from a marketing perspective, since India imported about 85 per cent of its crude oil requirements.