+
Indian Oil invests Rs 16.60 bn in NTPC JV for power plants
POWER & RENEWABLE ENERGY

Indian Oil invests Rs 16.60 bn in NTPC JV for power plants

Indian Oil Corporation, the largest oil company in the nation, has announced plans to invest Rs 16.60 billion as equity in a newly established joint venture with energy giant NTPC.

The purpose of this joint venture is to establish renewable power plants. In June, IOC and NTPC collaborated to form a 50:50 joint venture company named IndianOil NTPC Green Energy.

This collaboration aimed to develop renewable energy projects that could meet the continuous power demands of IOC's refineries. IOC revealed that during a meeting held on October 13, their board approved the investment plan for the joint venture company.

The board also gave the green light for an equity contribution of up to Rs 16.60 billion, representing Indian Oil's 50% share in the equity share capital of the joint venture. On June 2, IOC officially established the joint venture company, IndianOil NTPC Green Energy, in partnership with NTPC Green Energy, a wholly-owned subsidiary of NTPC.

The primary objective of this newly formed company is to develop renewable energy-based power projects, including solar PV, wind, and other forms of renewable energy, along with energy storage solutions.

These projects are intended to meet the round-the-clock power requirements of new ventures undertaken by Indian Oil Refineries. The ultimate goal of this collaboration is to generate a minimum capacity of 650 MW of round-the-clock renewable power.

This capacity is crucial in ensuring that the energy needs of IOC's refineries are met consistently, marking a significant step towards sustainable and eco-friendly energy solutions.

Indian Oil Corporation, the largest oil company in the nation, has announced plans to invest Rs 16.60 billion as equity in a newly established joint venture with energy giant NTPC. The purpose of this joint venture is to establish renewable power plants. In June, IOC and NTPC collaborated to form a 50:50 joint venture company named IndianOil NTPC Green Energy. This collaboration aimed to develop renewable energy projects that could meet the continuous power demands of IOC's refineries. IOC revealed that during a meeting held on October 13, their board approved the investment plan for the joint venture company. The board also gave the green light for an equity contribution of up to Rs 16.60 billion, representing Indian Oil's 50% share in the equity share capital of the joint venture. On June 2, IOC officially established the joint venture company, IndianOil NTPC Green Energy, in partnership with NTPC Green Energy, a wholly-owned subsidiary of NTPC. The primary objective of this newly formed company is to develop renewable energy-based power projects, including solar PV, wind, and other forms of renewable energy, along with energy storage solutions. These projects are intended to meet the round-the-clock power requirements of new ventures undertaken by Indian Oil Refineries. The ultimate goal of this collaboration is to generate a minimum capacity of 650 MW of round-the-clock renewable power. This capacity is crucial in ensuring that the energy needs of IOC's refineries are met consistently, marking a significant step towards sustainable and eco-friendly energy solutions.

Related Stories

Gold Stories

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Next Story
Infrastructure Transport

UP Approves Two Expressways And Rs 240 bn Infrastructure Push

The Uttar Pradesh Cabinet approved a series of infrastructure and industrial investment proposals totalling Rs 240 billion (Rs 240 bn), including two major expressway projects, a manufacturing and logistics cluster in Sultanpur and incentives for 11 industrial projects across the state. The decisions, taken at a meeting chaired by Chief Minister Yogi Adityanath, underline the state government’s focus on expanding road connectivity around emerging industrial hubs while attracting manufacturing investment to districts beyond major urban centres. The approvals cover both greenfield expressway c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code