NGEL, a wholly owned subsidiary of NTPC Limited, signed a Joint Venture Agreement on 20th March,2023 with IOCL for setting up of renewable energy projects to meet Round the Clock power requirement of IOCL Refineries, the company said via an exchange filing.
The JV Agreement was signed in the august presence of Gurdeep Singh, CMD, NTPC Limited, Shrikant Madhav Vaidya, Chairman, IOCL, D. K. Patel, Director (HR), NTPC Limited, U.K. Bhattacharya, Director (Projects), NTPC Limited, Jaikumar Srinivasan, Director (Finance), NTPC Limited, Sukla Mistry, Director (R), IOCL and along with other senior officials from NGEL, NTPC REL, and IOCL.
NTPC Limited, through its wholly owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.
The signing of this Joint Venture Agreement between the two Maharatna behemoths will enable NTPC Limited and Indian Oil to meet the Government of India's Clean Energy Targets in their respective core businesses.
The Joint Venture Agreement was signed by Kausik Basu, ED (M&I), IOCL and V. V. Sivakumar, GM, NGEL at NTPC Corporate Centre, SCOPE Complex, New Delhi.
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