India: NGEL inks pact with IOCL to set up renewable energy projects

The NGEL a wholly owned subsidiary of NTPC Limited has signed a joint venture agreement with IOCL for setting up of renewable energy projects to meet round the clock power requirement of IOCL refineries.

The joint venture agreement was signed by Kausik Basu, ED (M&I), IOCL and V. V. Sivakumar, GM, NGEL in the presence of Gurdeep Singh, CMD, NTPC Limited and Shrikant Madhav Vaidya, Chairman, IOCL.

The NTPC Limited, through its wholly owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.

The signing of this Joint Venture Agreement between the two Maharatna behemoths will enable NTPC Limited and Indian Oil to meet the Government of India’s Clean Energy Targets in their respective core businesses.

D. K. Patel, Director (HR), NTPC Limited, U.K. Bhattacharya, Director (Projects), NTPC Limited, Jaikumar Srinivasan, Director (Finance), NTPC Limited, Sukla Mistry, Director (R), IOCL and other senior officials from NGEL, NTPC REL, and IOCL were present on the occasion.

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