Page 56 - Banking Finance August 2025

FEATURES

natural gas is expected to remain crucial for India's energy power generation, aiming to diversify India's energy mix
mix until there is a breakthrough in hydrogen technologies. further. The company is assessing partnerships with firms
specialising in SMR technology, focusing on safety standards
Greening the globe and navigating the regulatory landscape. "We will start with

ONGC's push into renewables mirrors a broader global trend a pilot project. It will be a floating vessel that will be carrying
among major oil production. that SMR," Sarkar added.

Companies like BP, Shell TotalEnergies, and Equinor have all In the bioenergy segment, ONGC is working on establishing
diversified into renewable energy. Even Saudi Aramco, 25 compressed biogas plants, including one within its own
despite its crude oil reserves of 267 billion barrels, is making production facility in Hazira. In green hydrogen, the
aggressive moves toward renewable to align with Saudi company is conducting a pilot project that uses wastewater
Arabia's goal of generating 50 per cent of its electricity from from its Mehsana asset to produce green hydrogen via
renewable sources by 2030. microbial electrolysis.
"Unfortunately, our exploratory efforts in India have not ONGC has also acquired 100 per cent of IL&FB's shares in
yielded much in terms of results. It is not just ONGC, all Mangalore Special Economic Zone, bringing its combined
global majors have ventured into renewable," said R S stake in the venture, along with subsidiary Mangalore
Sharma, former ONGC chairman and an independent Refinery and Petrochemicals, to around 76 per cent. To
director of Indian Gas Exchange. enhance India's energy security, ONGC is exploring the
development of underground natural gas storage systems
ONGC has established a wholly owned subsidiary called
"ONGC Green" to accelerate its green energy initiatives. in collaboration with the Indian Strategic Petroleum
Reserve. These storage solutions are crucial for managing
Through its joint venture, ONGC NTPC Green Pvt ltd, the
supply fluctuations, ensuring stable natural gas availability,
company recently acquired a 100 per cent stake in Ayana
Renewable Power, which holds 4.1 Gw of operational and and bolstering national energy security.
under-construction renewable energy assets. While ONGC is diversifying aggressively, efforts are ongoing
to ramp up production from existing oil and gas blocks and
"We have a plan to have 10 Gw capacity by 2030. We
already have around 4 Gw, the remaining is 6 Gw," Sarkar from new blocks acquired in recent bidding rounds.
said. "Apart from renewable energy, wind, and solar, we are Asked whether this diversification might dilute the
also going for pump storage, green hydrogen, and battery company's core business, Sharma said, "As a commercial
storage." enterprise, the company has to keep looking for growth
opportunities. There is opportunity for every player and
The strategy includes plans for a 2 mtpa green ammonia
much more appetite for gas and renewables in the country."
plant by 2030, seen as a crucial element of ONGC's long-
term decarbonisation goals. Additionally, ONGC is exploring With a forward-looking approach, the company intends to
the potential of small modular reactors (SMRs) for nuclear keep its operations energised. (Source: Business Standard)

ICICI Prudential Reopens Subscriptions for Three International Funds
ICICI Prudential Mutual Fund has announced the resumption of subscriptions in three of its international schemes-
ICICI Prudential US Bluechip Equity Fund, Nasdaq 100 Index Fund, and Strategic Metal and Energy Equity Fund of
Funds-effective July 17, 2025. Investors can now subscribe through lump sum, SIP, STP, or switch modes.

The move follows earlier restrictions on overseas investments imposed due to SEBI's foreign investment limits. While
these limits still apply, ICICI Prudential has re-opened the subscription window temporarily, with a caveat that it
may again suspend inflows if the aggregate offshore exposure nears its cap.
The fund house has issued a notice-cum-addendum detailing the resumption and noted that other provisions in the
Scheme Information Documents (SIDs) and Key Information Memoranda (KIMs) remain unchanged. This update
offers global market exposure to Indian investors but comes with the warning that subscription availability may
change based on regulatory thresholds.

50 | 2025 | AUGUST | BANKING FINANCE