NGEL, a wholly owned subsidiary of NTPC Limited, and Indian Oil Corporation Limited (IOCL) have signed a Joint Venture (JV) Agreement on March 20th, 2023, to set up renewable energy projects to meet the round-the-clock power requirements of IOCL refineries.
The JV Agreement was signed in the presence of several senior officials, including Shri Gurdeep Singh, CMD, NTPC Limited, and Shri Shrikant Madhav Vaidya, Chairman, IOCL.
NTPC Limited has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade through its subsidiary, NGEL, to aggressively pursue its green energy business.
The signing of this Joint Venture Agreement between the two Maharatna behemoths will enable them to meet the Government of India’s Clean Energy Targets in their respective core businesses.
Kausik Basu, ED (M&I), IOCL, and V. V. Sivakumar, GM, NGEL, signed the JV Agreement at NTPC Corporate Centre, SCOPE Complex, New Delhi. The collaboration between NGEL and IOCL will facilitate the adoption of renewable energy and contribute to India’s sustainable growth.