New Delhi [India], March 21 (ANI): NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC Limited, has signed a joint venture agreement with Indian Oil Corporation (IOCL) for setting up of renewable energy projects to meet round-the-clock power requirement of IOCL refineries.

NTPC, 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 which was done on Monday between the two Maharatna behemoths will enable NTPC and Indian Oil to meet the government of India's clean energy targets in their respective core businesses, according to a statement from NTPC.

The joint venture agreement was signed by Kausik Basu, Executive Director for Mergers and Inquisitions, IOCL, and VV Sivakumar, General Manager, NGEL, at NTPC Corporate Centre in New Delhi.

The JV agreement was signed in the presence of Gurdeep Singh, Chairman and Managing Director (CMD), NTPC; Shrikant Madhav Vaidya, Chairman, IOCL; DK Patel, Director (HR), NTPC; UK Bhattacharya, Director for Projects, NTPC Limited; Jaikumar Srinivasan, Director for Finance, NTPC; Sukla Mistry, Director (R), IOCL, and along with other senior officials from NGEL, NTPC REL, and IOCL.

NTPC, formerly known as National Thermal Power Corporation Limited, is an Indian central public sector undertaking under the ownership of the Ministry of Power, Government of India which is engaged in the generation of electricity and allied activities. The headquarters of the PSU is situated in New Delhi. NTPC's core function is generating and distributing electricity to State Electricity Boards in India. It is the largest power company in India with an electric power generating capacity of 71,594 MW.

IOCL is the largest government-owned oil producer in the country, with a net profit of USD 6.1 billion for the financial year 2020-21. As of March 31, 2021, Indian Oil's employee strength is 31,648, of which 17,762 are executives and 13,876 non-executives, while 2,776 are women, comprising 8.77 per cent of the total workforce. (ANI)