NEW DELHI: India's top explorer
Oil and Natural Gas Corp
is looking at acquisitions in order to have 10 gigawatts (GWs) of renewable energy capacity by 2040, chairman
Subhash Kumar
said.
"Renewable seems to be making lots of business since today and we are looking at the possibility of inorganic investment in renewables,"
Kumar
told an analysts' conference, after the company's June quarter earnings.
India has set up ambitious target to raise its renewable capacity to 450 GWs by 2030 from the current 100 GWs to cut dependence on thermal power generation and reduce pollution.
ONGC has signed a memorandum of understanding with the country's top utility
NTPC Ltd
to study the setting up of offshore wind and other renewable energy projects in India and overseas.
Kumar said his company is looking to rope in foreign partners for exploring new areas, including its deepwater oil and gas block in the east coast to monetise the reserves quickly.
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