In a bid to enable India’s decarbonization push, Indian Oil Corporation Ltd., (Indianoil), the country’s top refinery and fuel retailer and NTPC Green Energy Limited (100% subsidiary of NTPC, India's largest power utility), announced signing of Joint Venture (JV) agreement for formation of a Joint Venture company to develop renewable energy (RE) power plants to meet round the clock power requirement of new projects of IndianOil refineries in India. 

The Joint venture is a synergistic alliance that brings together the strong credentials of NTPC which is a dominant power major in India with presence in the entire value chain of the power generation business and Indianoil's established expertise in petroleum refining along with its presence across the energy spectrum.

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

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 agreement will enable NTPC Limited and Indian Oil to meet the Government of India's Clean Energy Targets in their respective core businesses.

Speaking about the JV, Vaidya said, “The energy demand of the nation is growing at a rate never witnessed before. Both IndianOil and NTPC, while retaining their core strengths, must ensure energy availability, energy affordability and energy accessibility to every Indian right up to the lowest rung of the society. I wish this collaboration by the two energy giants of India to be a shining example for the world to see." 

Echoing the sentiments, Singh said, "Energy transition is inevitable, what we have to see is how sustainable and 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."

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