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Oil & Natural Gas Corpn Ltd
ONGC gains on MoU with SECI for renewable, ESG projects
Dec 03,2021

The MoU provides a broad, overarching framework for ONGC and SECI to collaborate and cooperate for undertaking renewable energy projects including solar, wind, solar parks, EV value chain, green hydrogen, storage, etc.

Subhash Kumar, ONGC CMD, said: “ONGC has a multipronged strategy to make its green energy portfolio richer and has plans to progressively move towards carbon neutrality by effective carbon management and adding renewable energy capacity.”

ONGC has been pursuing green energy agenda through various alternatives and renewable sources of energy. It has set a target of producing a minimum of 10 GW of renewable power by 2040 while continuing its focus on the core exploration and production (E&P) business.

ONGC is India's largest integrated oil and gas company. ONGC is 60.41% owned by the Government of India.

The state-run oil major's consolidated net profit surged 328.81% to Rs 18055.01 crore on 45.93% rise in net sales to Rs 122029.47 crore in Q2 FY22 over Q2 FY21.