Indian Oil to invest ₹1,660 crore in NPTC JV for setting up renewable power plants
₹1,660.15 crore as equity in IndianOil NTPC Green Energy Pvt Ltd —a newly set up joint venture with energy NTPC Ltd—for setting up renewable power plants. “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 saidin a stock exchanging filing.
In June, Indian Oil and NTPC Green Energy Ltd, (a wholly-owned subsidiary of NTPC Ltd) had formed a 50:50 joint venture company, IndianOil NTPC Green Energy Pvt Ltd, to set up renewable energy projects to meet 24X7 power requirements of refineries of the IOC. "IndianQil 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 IndianQOil Refineries," PTI quoted IOC statement at that time. "Exciting news! Mint is now on WhatsApp Channels
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