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NTPC, IOC ink pact to set up joint venture

State-run NTPC and Indian Oil (IOC) on Monday signed an agreement to set up a 50:50 joint venture (JV) company that will meet the power requirements of IOC’s upcoming refinery projects.

NTPC IOC tie up
IOC plans to meet additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by the end of 2024 through the JV. (Representational image)

State-run NTPC and Indian Oil (IOC) on Monday signed an agreement to set up a 50:50 joint venture (JV) company that will meet the power requirements of IOC’s upcoming refinery projects.

“Going forward, NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV company for supply of RE-RTC (renewable energy – round-the-clock) power to IOC. NGEL will be an umbrella company for consolidating NTPC’s total renewable energy businesses,” NTPC said in a statement. IOC plans to meet additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by the end of 2024 through the JV.

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