Oil And Natural Gas Corporation (ONGC) Seeks Acquisitions To Achieve 10 GWs Of Renewable Energy Capacity By 2040

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India has arrange a goal to boost its renewable capability to 450 GWs by 2030

The nation's prime explorer Oil and Natural Gas Corp. is taking a look at acquisitions with a purpose to have 10 gigawatts (GWs) of renewable power capability by 2040, Chairman Subhash Kumar stated.

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"Renewable seems to be making lots of business since today and we are looking at the possibility of inorganic investment in renewables," Kumar instructed an analysts' convention, after the corporate's June quarter earnings.

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India has set a goal to boost its renewable capability to 450 GWs by 2030 from the present 100 GWs to chop dependence on thermal energy era and scale back air pollution.

ONGC has signed a memorandum of understanding with the nation's prime utility NTPC Ltd to check the establishing of offshore wind and different renewable power initiatives in India and abroad.

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Kumar stated his firm is seeking to rope in overseas companions for exploring new areas, together with its deepwater oil and gasoline block within the east coast to monetise the reserves rapidly.