NTPC- Indian Oil Joint venture firm

NTPC has inked an agreement with Indian Oil Corporation (IOC) to create a joint venture company, in a bid to meet the power requirements for upcoming projects of IOC refineries.

Highlights

  • Both the entities have joined hands with the objective of increasing the usage and capacity of renewable energy sources in India.
  • As per plan. renewable energy-based power plants will be set-up by NTPC Green Energy (NGEL) for Indian Oil refineries.
  • NGEL will act as an umbrella company, to consolidate NTPC’s total renewable energy businesses.
  • Indian Oil seeks to fulfil the additional power requirement of its refineries through renewable energy equal to 650MW by December 2024 through the joint venture.

Indian Oil Corporation Limited (IOCL)

IOCL is an oil and gas explorer and producer in India. It is headquartered in New Delhi. It is a public sector undertaking. The Ministry of Petroleum and Natural Gas is the parent organisation, to look after the operations of IOCL. In the Fortune Global 500 list of biggest corporations of the world, Indian Oil has been ranked at 212th position. It is the largest government owned oil corporation in India. Subsidiaries of IOCL have been set up in Sri Lanka (Lanka IOC), Middle East (IOC Middle East FZE) and Mauritius (Indian Oil (Mauritius) Ltd).

NTPC Limited

NTPC is an Indian public sector undertaking, that generates electricity and involved in other allowed activities. It is headquartered in New Delhi. Core function of NTPC is to generate and distribute electricity to State Electricity Boards in India. Government of India had established NTPC in 1975.

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