Indian Oil Corporation’s board has given the green light for an equity investment of ₹1,660.15 crore, securing a 50% stake in the joint venture company Indian Oil NTPC Green Energy. This strategic move aligns with their commitment to renewable energy initiatives.
Joint Venture Details:
- The joint venture was established in June, bringing together Indian Oil Corporation and NTPC Green Energy, a wholly owned subsidiary of power producer NTPC.
- The collaboration aims to develop renewable energy-based power projects, specifically focusing on solar PV and wind technologies.
- The approved funds will be utilized to set up state-of-the-art renewable energy power plants.
- These plants will play a crucial role in meeting the round-the-clock power requirements of upcoming projects within IndianOil refineries.
- The equity contribution of ₹1,660.15 crore solidifies Indian Oil Corporation’s 50% stake in the IndianOil NTPC Green Energy joint venture.
- The investment plan, now approved, paves the way for the development of cutting-edge renewable energy projects, emphasizing solar PV and wind solutions.
- The initiative reflects a significant stride toward sustainability, indicating Indian Oil Corporation’s commitment to clean energy and reducing its carbon footprint.
- By meeting the power demands of their refineries through renewable sources, Indian Oil Corporation takes a proactive step towards environmental responsibility.