ONGC accords in-principle approval for 15 CBG plants

Oil and Natural Gas Corporation Limited (ONGC) board has accorded in-principle approval to form joint ventures (JVs) for setting up 15 compressed biogas (CBG) plants. The JVs would be either directly with ONGC or through its subsidiaries.

Additionally, approval has been granted for the formation of 50:50 JVs by ONGC or its subsidiaries separately, with SFC Environmental Technologies Private Limited and EverEnviro Resource Management Private Limited. The seed equity contribution for each JV is capped at Rs 100 million.