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.