IndianOil, NTPC Subsidiary Form JV To Set up Renewable Energy (RE) Power Plants

Indian Oil Corporation Ltd., (IndianOil) and NTPC Green Energy Limited (100 per cent subsidiary of NTPC, India's largest power utility), announced signing of Joint Venture Agreement for formation of a Joint Venture (JV) company.

The JV company will  develop Renewable Energy (RE) Power plants to meet round-the-clock-power requirement of new projects of IndianOil Refineries in India.

Speaking about the Joint Venture, Shrikant Madhav Vaidya, Chairman, IndianOil, said, “The energy demand of the nation is growing at a rate never witnessed before. Both IndianQOil & NTPC, while retaining their core strengths, must ensure energy availability, energy affordability & energy accessibility to every Indian right up to the lowest rung of the society. I wish this collaboration by the two energy giants of India to be a shining example for the world to see.”

Meanwhile, Gurdeep Singh, CMD, NTPC said, “Energy Transition is inevitable, what we have to see is how sustainable & how fast it can be. We not only have an opportunity, but also a responsibility to jointly establish an example in the form of this JV, for others to emulate.”