Government companies ONGC and NTPC will together buy 100% stake in renewable power firm Ayana. The Competition Commission of India (CCI) approved it on Tuesday (March 11). This purchase will be made for Rs 19,500 crore. ONGC and NTPC will have 50-50% stake in Ayana Renewable Power Private Limited. Both the companies had signed a deal to buy Ayana last month. This deal was signed between ONGC-NTPC and Ayana’s current shareholders National Investment and Infrastructure Fund (51% stake), British International Investment PLC (32% stake) and Eversource Capital (17%). This is the second largest deal in the renewable energy sector. Earlier in October 2021, Adani Green Energy bought SB Energy India for Rs 30.52 thousand crore (3.5 billion dollars). Ayana Power has operational and under construction assets of 4.1 GW. ONGC’s profit decreased by 17% on an annual basis Oil and Natural Gas Corporation (ONGC) has made a net profit of Rs 8,240 crore in the third quarter of FY 2024-25. It has decreased by 17% on an annual basis. In the same quarter a year ago, the company had registered a profit of Rs 9,892 thousand crore. In the second quarter of FY25, there was a net profit (consolidated net profit) of Rs 10,273 crore. It had decreased by 25% on an annual basis. ONGC’s consolidated operational revenue stood at Rs 1,58,329 crore (Rs 1.58 lakh crore) in the July-September quarter of FY 2024-25. It has increased by 7.25% on an annual basis. In the same quarter (July-September 2023) a year ago, the company had generated a revenue of Rs 1,47,614 crore (Rs 1.48 lakh crore). ONGC contributes about 71% to Indian domestic production Maharatna ONGC is India’s largest company of crude oil and natural gas. It contributes about 71% to India’s domestic production. ONGC produces crude oil used as raw material in Indian Oil Corporation (IOC), BPCL, HPCL and MRPL companies. These companies manufacture petroleum products like petrol, diesel, kerosene, naphtha and cooking gas LPG. ONGC was established in the 1960s. ONGC was founded in 1955 as the Oil and Gas Division under the Geological Survey of India. A few months later, it was converted into the Oil and Natural Gas Directorate. On 14th August 1956, the Directorate was converted into a Commission and named as Oil and Natural Gas Commission. In 1994, the Oil and Natural Gas Commission was converted into a Corporation, and in 1997 it was recognized as one of the Navaratnas by the Government of India. Subsequently, it was given the Maharatna status in the year 2010.
