Indian Oil Corporation (IndianOil) and NTPC Green Energy, a 100% subsidiary of NTPC, have agreed to form a joint venture (JV) to build renewable energy power plants to meet the power requirements of the former’s new projects of its refineries in India.

Gurdeep Singh — NTPC CMD said: “Energy Transition is inevitable, what we have to see is how sustainable & how fast it can be. We not only have an opportunity, but also a responsibility to jointly establish an example in the form of this JV, for others to emulate.”

According to IndianOil, the joint venture creates a synergistic collaboration. It will combine the solid qualifications of NTPC which is a leading power producer in India with a footprint across the whole value chain of the power generation sector with IndianOil’s experience in refining petroleum as well as its presence throughout different areas of energy.

IndianOil and NTPC Green Energy will hold a 50% stake each in the proposed JV. The former said that the most effective way to begin on its Net Zero journey is to make its operations green by replacing fossil fuel-based energy sources with renewable energy sources.

Shrikant Madhav Vaidya — IndianOil Chairman said: “The energy demand of the nation is growing at a rate never witnessed before. Both IndianOil & NTPC, while retaining their core strengths, must ensure energy availability, energy affordability & energy accessibility to every Indian right up to the lowest rung of the society.”

  Gurdeep Singh, India, Indian Oil Corporation, IndianOil, NTPC, NTPC Green Energy, Shrikant Madhav Vaidya