A Memorandum of Understanding (MoU) has been signed by NTPC Limited, and Oil and Natural Gas Corporation Limited (ONGC) to set up a Joint Venture Company for Renewable Energy business. This partnership will enable both the companies to accelerate their mark in the field of Renewable Energy.
With this tie-up, the two companies will explore the setting up of offshore wind and other Renewable Energy Projects in India as well as overseas. They will also seek opportunities in the area of sustainability, storage, E-mobility, and Environmental, Social and Governance (ESG) compliant projects.
This tie-up will enhance NTPC’s Renewable Energy capacity addition program and also the presence of ONGC in the Renewable Power business. It will also help ONGC in achieving its ambition of adding 10 GW of renewable power to its portfolio by 2040.
Important takeaways for all competitive exams:
- Chairman & Managing Director of NTPC Limited: Gurdeep Singh.
- Chairman & Managing Director of Oil and Natural Gas Corporation Limited: Shashi Shanker.