Indian Oil Corporation (IOC) board Friday approved equity contribution of up to ₹1,660.15 crore by the state-owned refiner, towards 50% stake, in joint venture company IndianOil NTPC Green Energy.
The board also accorded approval to the investment plan of the JV for setting up of renewable energy power plants, Indian Oil said in a filing.
Set up in June, the joint venture with power producer NTPC’s wholly owned subsidiary NTPC Green Energy will develop renewable energy-based power projects such as solar PV and wind to meet round-the-clock power requirements of new projects of IndianOil refineries.
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