New Delhi: NGEL inks pact with IOCL for setting up renewable energy projects
The subsidiary of NTPC Limited called NGEL (NTPC Green Energy Limited), has signed a Joint Venture Agreement with Indian Oil Corporation Limited (IOCL) for setting up of renewable energy projects to meet Round the Clock power requirement of IOCL Refineries.
The JV Agreement was signed by. Kausik Basu, Executive Director (M and I), IOCL and V. V. Sivakumar, GM, NGEL in the presence of Gurdeep Singh, Chief Managing Director, NTPC Limited 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 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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