Business Standard

NTPC and Indian Oil join hands for powering latter's refineries with renewable energy

Image

Capital Market

NTPC and Indian Oil Corporation (IOC) have signed an agreement for the formation of a joint venture company for meeting the power requirements of upcoming projects of IOC refineries.

Unified in the purpose of increasing the usage & capacity of renewable energy sources in the country, the state-run corporations teamed up setting-up renewable energy-based power plants for IndianOil refineries.

Going forward NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV company for supply of RE-RTC power to IndianOil. NGEL will be an umbrella company for consolidating NTPC's total renewable energy businesses.

IndianOil plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by December 2024 through this JV.

 

Shares of Indian Oil Corporation advanced 0.42% to Rs 71.45 while those of NTPC lost 0.30% to currently trade at Rs 149.40 on the BSE.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 19 2022 | 11:58 AM IST

Explore News