News

NTPC and ONGC Join Forces to Establish a Joint Venture Company.

Economy Business | Dated: 21 Nov 2024

New Delhi based NTPC Limited (formerly National Thermal Power Corporation) and New Delhi based Oil and Natural Gas Corporation Limited (ONGC) have partnered to form a 50:50 Joint Venture Company (JVC) through their Green Energy Subsidiaries - NTPC Green Energy Limited (NGEL) and ONGC Green Energy Limited (OGL).

🎯 Key Highlights:

- ONGC NTPC Green Private Limited (ONGPL) was incorporated on November 18, 2024, to promote their interest in renewable and new energy.
- NGEL has submitted an application to the Ministry of Corporate Affairs (MOCA) for the incorporation of a 50:50 JVC with OGL.
- The JV Agreement was signed on 7th February 2024, during India Energy Week 2024. They have also received the required statutory approvals from the Department of Investment and Public Asset Management (DIPAM), under the Ministry of Finance (MoF), and NITI Aayog (National Institution for Transforming India).

💡 Other Important Facts:

(i) The JVC will be involved in Renewable Energy (RE) and New Energy opportunities, including Solar, Wind (Onshore/Offshore), Energy Storage (Pump/Battery), Green Molecule (Green Hydrogen, Green Ammonia, Sustainable Aviation Fuel (SAF), Green Methanol), E-mobility, Carbon Credits, Green Credits, etc.
(ii) The JVC will also acquire RE assets and participate in offshore wind tenders in Tamil Nadu (TN) and Gujarat.
(iii) NTPC Limited is a Maharatna Public Sector Undertaking (PSU) under the Ministry of Power, and ONGC is a Maharatna PSU under the Ministry of Petroleum and Natural Gas (MoP&NG).

📚 Test Your Knowledge:

Recently, NTPC partnered with which organization to form a joint venture company?

Correct Answer: ONGC

🚀 Quick Recap:

About Oil and Natural Gas Corporation (ONGC)

Chairman & CEO : Arun Kumar Singh
Headquarters: Vasant Kunj, New Delhi