Indian Oil Corporation Board Approves ₹1,660 Crore Investment in NTPC Green Energy JV – EQ
In Short : The Board of Indian Oil Corporation (IOC) has approved a ₹1,660 crore investment in the joint venture with NTPC Green Energy Ltd. This strategic collaboration aims to further the development of renewable energy projects, particularly in the solar and wind energy sectors. By investing in green energy initiatives, IOC continues its commitment to sustainable practices and contributes significantly to India’s renewable energy goals. This partnership signifies a step forward in India’s transition to cleaner and more environmentally friendly energy sources.
In Detail : Indian Oil Corporation’s board has greenlit a ₹1,660.15 crore equity investment for a 50% stake in Indian Oil NTPC Green Energy, a joint venture with NTPC Green Energy.
Indian Oil Corporation’s board has given the green light for an equity investment of ₹1,660.15 crore, securing a 50% stake in the joint venture company Indian Oil NTPC Green Energy. This strategic move aligns with their commitment to renewable energy initiatives.
Joint Venture Details:
The joint venture was established in June, bringing together Indian Oil Corporation and NTPC Green Energy, a wholly owned subsidiary of power producer NTPC.
The collaboration aims to develop renewable energy-based power projects, specifically focusing on solar PV and wind technologies.
Investment Purpose:
The approved funds will be utilized to set up state-of-the-art renewable energy power plants.
These plants will play a crucial role in meeting the round-the-clock power requirements of upcoming projects within IndianOil refineries.
Key Points:
The equity contribution of ₹1,660.15 crore solidifies Indian Oil Corporation’s 50% stake in the IndianOil NTPC Green Energy joint venture.
The investment plan, now approved, paves the way for the development of cutting-edge renewable energy projects, emphasizing solar PV and wind solutions.
The initiative reflects a significant stride toward sustainability, indicating Indian Oil Corporation’s commitment to clean energy and reducing its carbon footprint.
By meeting the power demands of their refineries through renewable sources, Indian Oil Corporation takes a proactive step towards environmental responsibility.
