New Delhi: The Indian Oil Corporation (IOC) has announced its intention to invest ₹1,660.15 crore as equity in Indian Oil NTPC Green Energy Pvt Ltd, a recently established joint venture with National Thermal Power Corporation (NTPC) Limited, for the establishment of renewable power plants.
Indian Oil, in a stock filing update said, “The board at its meeting held today i.e. on 13 October 2023 has accorded approval to the investment plan of the JVC for setting up of Renewable Energy Power Plants and approved the equity contribution of upto Rs. 1660.15 crore towards IndianQil’s share of 50% in the equity share capital of the JVC.”
Indian Oil and NTPC Green Energy Ltd, a wholly-owned subsidiary of NTPC Ltd, established a 50:50 joint venture company in June, named IndianOil NTPC Green Energy Pvt Ltd. This venture’s primary objective revolves around developing renewable energy projects aimed at fulfilling the continuous 24X7 power needs of Indian Oil Corporation’s refineries.
IOC’s statement to media outlets said, “IndianOil NTPC Green Energy Private Limited will develop renewable energy-based power projects (viz. solar PV, wind, any other renewable energy, energy storage or any combination of the same), to meet the round-the-clock (RTC) power requirements of new projects of Indian Oil Refineries.”
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