NTPC, ONGC join forces to work in new and renewable energy space 
News Updates

NTPC, ONGC jointly to work in new and renewable energy space

NTPC and ONGC on Monday announced that they have joined hands to explore opportunities in the area of new and renewable energy

PSU Watch Bureau

New Delhi: Power giant NTPC and oil major ONGC on Monday announced that they have joined hands to explore opportunities in the area of new and renewable energy.

The two entities will form a joint venture through their respective subsidiaries, NTPC said in a statement.

PSU Watch is now on Whatsapp Channels. Click here to join

"NTPC and ONGC have collaborated to form a Joint Venture Company (JVC) through their Green Energy Subsidiaries (NTPC Green Energy Ltd and ONGC Green Energy Ltd) to further promote their interest in renewable and new energy arena," it said.

NGEL has also submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL, the statement said.

The JV will venture into various renewable energy (RE) and new energy opportunities, including solar, wind, energy storage, e-mobility, carbon credits and green credits.

It will also seek opportunities to acquire renewable energy assets and consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujarat.

"Considering their domain expertise and resources, both entities are poised to contribute significantly to India's renewable energy landscape, driving innovation and fostering environmental stewardship," the statement said.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

Sensex, Nifty bounce back in early trade after sharp fall in previous session

These are the Central, state PSUs named in US court indictment in Adani bribery case

Gautam Adani bribery case: Allegations, rebuttals, stock market wipeout & all you want to know

Cannot accept attempts to shift focus away from finance at COP29: India

NLC India, ACC others bag five coal mines in 10th round of auction