ONGC and NTPC form JV for renewable energy business

Oil and Natural Gas Corporation (ONGC) announced that it has signed a memorandum of understanding (MoU) with National Thermal Power Corporation (NTPC) to set up a joint venture for renewable energy business.

The company informed this via an exchange filing made on Thursday after the market hours. It stated that the MoU was signed on May 21 and aims to enable the two Maharatnas in achieving their targets in renewable energy business.

As per the MoU, the two companies would explore and set up renewable power assets including offshore wind in India and overseas. They also intend to explore opportunities in the field of sustainability, storage and e-mobility as well as environmental, social and governance (ESG) compliant projects.

The agreement was finalised on virtual conferencing between ONGC Director (Finance), In-charge Business Development and Joint Ventures Subhash Kumar along with NTPC Director (Commercial) Anand Kumar Gupta. Meanwhile, other company dignitaries also marked their presence at the occasion, including ONGC CMD Shashi Shanker and NTPC CMD Gurdeep Singh as well as Directors of the two public enterprises.

At 3.05 pm on Friday, the stock of ONGC is trading at Rs 76.05, down by 1.23 per cent against its previous close of Rs 77.00.

Meanwhile, the stock of NTPC is trading at Rs 90.75, up by 0.44 per cent against its previous close of Rs 90.35.