A wholly subsidiary of NTPC Limited, NTPC Green Energy Limited has partnered with Maharashtra State Power Generation Company Limited (MAHAGENCO), the company on Tuesday (November 26) announced through an exchange filing.
As per the regulatory filing, this 50:50 joint venture, named Mahagenco NTPC Green Energy Private Limited (MNGEPL), has been officially incorporated as of November 25, 2024.
What is MNGEPL?
MNGEPL, the new joint venture between NGEL and MAHAGENCO.
Through the BSE filing, the company said, "The objects of the formation of Joint Venture Company are to develop, operate and maintain Renewable Energy Park(s) in Maharashtra under UMREPP and allot the Park(s) for development of Renewable Energy Project(s)."
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Key Financial Details
Authorised Share Capital - Rs 10 lakh
Subscribed and Paid-Up Share Capital - Rs 10 lakh
NGEL has subscribed to 50,000 equity shares at a face value of Rs 10 each, giving it a 50 per cent stake in the joint venture.
Regulatory and Governmental Backing
The Ministry of Power, Government of India, approved the formation of this joint venture in January 2024.
"NGEL, a wholly-owned subsidiary of NTPC Limited and MAHAGENCO, a Government of Maharashtra (GOM) owned company," added in the regulatory filing.
NTPC Green Energy’s IPO and Market Buzz
The announcement comes on the eve of NTPC Green Energy Limited’s much-anticipated Initial Public Offering (IPO), which is set to list on November 27, 2024.
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Share Performance
NTPC Ltd shares dipped 1.90 per cent to close at Rs 361.65 on Tuesday. The shares of the company today opened on Indian bourses at Rs 369.70 and hit a high of Rs 370.20 during the intraday trading session.
