Oil and Natural Gas Corporation Limited (NSEI:ONGC) agreed to acquire PTC Energy Limited from PTC India Limited (NSEI:PTC) for INR 9.3 billion on October 19, 2023. PTC Energy Limited reported revenue of INR 3047.2 million and net worth of INR 7112.3 million for last financial year. The transaction is subject to the fulfilment of Conditions Precedent, 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. The PTC board approved ONGC's bid for the acquisition of a 100% equity stake in PTC Energy Limited.

The nod is subject to the approval of PTC shareholders. The transaction is expected to be closed within 6 months. The shareholders of PTC India Limited have approved the transaction.