Ahead of IPO, NTPC Green Energy sets up joint venture with MSPGCL

State-owned NTPC on Tuesday said its arm has set up a 50:50 joint venture with Maharashtra State Power Generation Company Ltd.

The two parties have launched MAHAGENCO NTPC GREEN ENERGY PRIVATE LIMITED (MNGEPL), which will develop, operate and maintain renewable energy parks in Maharashtra.

According to a regulatory filing, the MNGEPL was incorporated on November 25, 2024, as a 50:50 joint venture of NTPC Green Energy Ltd (NGEL), a wholly-owned subsidiary of NTPC Ltd and Maharashtra State Power Generation Company Ltd (MAHAGENCO), a Government of Maharashtra owned company.

The JV will be engaged in the business of developing, operating and maintaining renewable energy parks in Maharashtra under UMREPP and allot parks for development of Renewable Energy Projects, it added.

The NGEL has subscribed 50,000 equity shares at the face value of Rs 10 each.