ONGC and NTPC have formed a joint venture company, ONGPL, to develop renewable energy projects in India and overseas. The JV will focus on greenfield development, acquisitions, and offshore wind projects.
New Delhi, Nov 18 (PTI) ONGC NTPC Green Private Ltd (ONGPL) has been incorporated as a 50:50 joint venture company of NTPC Green Energy Limited and ONGC Green Limited.
While NTPC Green Energy Limited (NGEL) is a wholly-owned subsidiary of power giant NTPC, ONGC Green Limited (OGL) is a subsidiary of oil major Oil and Natural Gas Corporation Limited (ONGC).
ONGPL has been incorporated as a 50:50 JV company of NGEL and OGL, NTPC said in an exchange filing on Monday.
The JV has been formed to explore and set up renewable energy (RE) projects/ assets in India and overseas through greenfield development and acquisitions.
The newly formed entity will also explore the feasibility and setting up of offshore wind projects in India.
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