ONGC acquires PTC Energy for Rs. 925 Cr
General

ONGC acquires PTC Energy for Rs. 925 Cr

This transaction is subject to the fulfilment of Conditions Precedent

  • By ICN Bureau | October 21, 2023

The Board of PTC India Ltd. has approved the bid submitted by ONGC Ltd. for acquisition of wholly owned subsidiary of PTC India Limited i.e. PTC Energy Limited (PEL) at an equity value of Rs. 925 crores subject to adjustments in bid value as per the bid format.

This transaction is subject to the fulfilment of Conditions Precedent (CP), other terms & conditions as per the share purchase agreement to be executed between the parties and approvals as may be required under applicable laws.

Further, the acquisition is subject to shareholders' approval of PTC India Limited as per applicable regulations.

Register Now to Attend NextGen Chemicals & Petrochemicals Summit 2024, 11-12 July 2024, Mumbai

Other Related stories

Startups

Chemical

Petrochemical

Energy

Digitization