Oil and Natural Gas Corporation (ONGC) is in talks with worldwide businesses, notably Malaysia's Gentari, to form an energy storage joint venture.

This strategic decision comes as ONGC continues on its ambitious energy transition path.

According to Arun Kumar Singh, Chairman and CEO of ONGC, the planned joint venture would include battery storage and pump storage projects. One of the groups involved in the conversations is Gentari, the green-energy branch of Malaysia's Petroliam Nasional Berhad (Petronas).

In an interview, Singh mentioned, "In energy storage, we are hoping for something big. It will be a JV (joint venture) model. We are already in talks. We have been talking to them (Gentari). There are two-three more people (global entities)."

ONGC has allocated a substantial Rs 1 trillion investment for its energy transition initiative until 2030. Should energy storage emerge as a priority area, the company might channel its entire dedicated capital expenditure toward storage, Singh stated.