NTPC and Indian Oil will create a joint venture

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State-owned companies have partnered to set up renewable energy-based power plants for Indian Oil refineries,

State-owned companies have partnered to set up renewable energy-based power plants for Indian Oil refineries,

State-owned electricity giant NTPC and Indian Oil have signed a pact to form a joint venture to meet the electricity needs of the oil major’s upcoming projects.

NTPC and Indian Oil signed an agreement on July 18, 2022 in New Delhi for the establishment of a joint venture to meet the power requirements of Indian Oil’s upcoming refinery projects, a statement from the company said.

Unified with the aim of increasing the use and capacity of renewable energy sources in the country, the state-owned companies have partnered to set up renewable energy-based power plants for Indian Oil refineries , did he declare.

Gurdeep Singh, CMD, NTPC, said in the statement, “The joint venture between the two energy majors for a common purpose is a classic example of teamwork and collaboration for others to follow.”

Shrikant Madhav Vaidya, Chairman of Indian Oil, said: “This is indeed a powerful statement as two of the country’s fossil fuel giants – Indian Oil and NTPC – join forces to change their path to green energy. ” He further added that “the two Maharatna PSUs can now leverage their capabilities to drive the green growth agenda forward.”

Going forward, NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, will form the JV company for the supply of RE-RTC energy to Indian Oil.

NGEL will be an umbrella company for the consolidation of all of NTPC’s renewable energy activities.

Indian Oil said it plans to meet the additional power needs of its refineries using 24-hour renewable energy up to 650 MW by December 2024 through this JV.

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