Indian Oil to invest Rs 1,660 crore in exchange for 50% stake in JV with NTPC
Goverment Scheme
The country's largest oil company Indian Oil Corporation will invest Rs 1,660.15 crore as equity in a newly formed joint venture with energy major NTPC Ltd to set up renewable power plants. In June, IOC and NTPC had formed a 50:50 joint venture company, Indian Oil NTPC Green Energy Pvt Ltd, to set up renewable energy projects to meet the round-the-clock power needs of the oil company's refineries. IOC said its board, at a meeting on October 13, "has approved the investment plan of the joint venture company to set up renewable energy power plants and approved equity contribution of up to Rs 1,660.15 crore." Indian Oil's equity stake is 50 per cent of the equity share capital of JVC."
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