ONGC looks at acquisitions for 10GW renewable aim

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.