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

Image
Capital Market
Last Updated : Jul 19 2022 | 12:17 PM IST

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

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

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

Next Story