A Joint Venture Agreement is Signed by NTPC and IOC

State-owned National Thermal Power Corporation NTPC along with Indian Oil (IOC) on Monday, signed an agreement to establish a 50/50 joint venture (JV) company to fulfill the power requirements for IOC's forthcoming refinery projects.

"Going forward, NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV company for the supply of RE-RTC (renewable energy - round-the-clock) power to IOC. NGEL will be an umbrella company for consolidating NTPC's total renewable energy businesses," NTPC said in an announcement. IOC intends to meet the power requirements for its refineries by utilizing round-the-clock renewable energy in the amount of 600MW by 2024, through the JV.

NTPC, which was founded in 1975, strives to be the biggest and best power major in the world.

With its core business of establishing power projects and producing electricity, NTPC has extensive Rehabilitation & Resettlement and CSR programs that are closely interwoven. By maximizing the utilization of various energy sources with cutting-edge eco-friendly technology, the firm is devoted to producing reliable power at affordable costs in a sustainable manner, which helps NTPC contribute to the growth of the country's economy and the improvement of society.

National Thermal Power Corporation Private Limited was the name given to the NTPC Company when it was incorporated under the Companies Act on November 7, 1975. On September 30, 1976, the word "Private" was dropped as a result of the GoI's notification exempting government companies from the use of the word.