IndianOil and NTPC Green Energy Limited to form Joint Venture

In a bid to enable India's decarbonization push, Indian Oil Corporation Ltd., (IndianQil), the country's top Refinery and fuel retailer and NTPC Green Energy Limited (100% subsidiary of NTPC, India's largest power utility), announced signing of Joint Venture Agreement for formation of a Joint Venture (JV) company to develop Renewable Energy (RE) Power plants to meet Round the clock power requirement of new projects of IndianOil Refineries in India.

The Joint venture is a synergistic alliance that brings together the strong credentials of NTPC which is a dominant power major in India with presence in the entire value chain of the power generation business and IndianQil's established expertise in petroleum refining along with its presence across the energy spectrum.

Speaking about the Joint Venture, Mr. 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. | wish this collaboration by the two energy giants of India to be a shining example for the world to see.

Echoing the sentiments, Shri 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.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 80.56 as compared to the previous close of Rs. 79.36. The total number of shares traded during the day was 1730947 in over 9154 trades.

The stock hit an intraday high of Rs. 80.69 and intraday low of 78.83. The net turnover during the day was Rs. 138854846.00.

Shares of NTPC Limited was last trading in BSE at Rs. 175.90 as compared to the previous close of Rs. 177.35. The total number of shares traded during the day was 257303 in over 5074 trades.

The stock hit an intraday high of Rs. 177.55 and intraday low of 175.00. The net turnover during the day was Rs. 45278309.00.

Source : Equity Bulls

Keywords

IndianOilCorporation INE242A01010 NTPC INE733E01010 NTPCGreenEnergy JV RenewableEnergy PowerPlants