On Monday, ONGC shares started slightly down at Rs 253.35 after the company made it clear that it currently has no firm plans to list its affiliate, ONGC Green, on the stock exchange.
“ONGC would like to clarify regarding the news article on the likely public listing of ONGC Green Limited (OGL). The question was asked during a recent interview of the Director (Exploration) with a correspondent from the Financial Express. As part of the conversation about exploration activities, growth plans, and the future energy thrust of the company,” the company said in its press release on Sunday.
“Any decision regarding a public listing remains for the future, as and when decided by the ONGC Board. At present, no concrete plans have been made for a listing,” it added.
The announcement coincides with an increase in investor interest in renewable resources.
The business is now constructing a portfolio of green energy.
The green energy division of ONGC and NTPC Green has established ONGC NTPC Green Private Limited (ONGPL) as a joint venture.
Greenfield development and acquisitions will be used by the 50:50 joint venture ONGPL to explore and establish Renewable Energy (RE) projects and assets. In addition, ONGPL will evaluate offshore wind projects’ viability and establishment, among other associated tasks.
Over the past five years, ONGC shares have returned 103%, and they have increased by 8% in the past year.
