Gold
NTPC ventures with Indian Oil for renewable energy projects
07 Jun 2023 CW Team
NTPC Ltd, a PSU power company, has announced its collaboration with Indian Oil Corporation Limited (Indian Oil) to establish a joint venture named "INDIANOIL NTPC GREEN ENERGY PRIVATE LIMITED." In this 50:50 partnership, the newly incorporated company will focus on developing renewable energy-based power projects, including solar PV, wind, energy storage, and other renewable sources. The primary objective is to supply a minimum of 650 MW of renewable power on a round-the-clock basis to meet the energy requirements of Indian Oil.
NTPC Ltd, along with its subsidiaries, associates, and joint ventures, is primarily engaged in generating and selling bulk power to state power utilities. Indian Oil Corporation Ltd, a Maharatna Company controlled by the Government of India, is a major player in the oil and gas industry. Both companies are public sector undertakings, with majority ownership held by the President of India (NTPC Ltd holds a stake of 51.10%, while Indian Oil Corporation Ltd holds a stake of 51.50%).
NTPC Ltd's shares witnessed a marginal gain of 1.03%, reaching an intraday high of Rs 176.20 per share, compared to the previous closing of Rs 174.40. The stock boasts a PE ratio of 9.86x, while the sectoral PE stands at 28.70x, with remarkable returns of over 200% over the past decade.
