Guwahati: NTPC and IndianOil entered into an agreement to form a joint venture business to satisfy the electricity needs of planned IndianOil refinery developments.

The state-run enterprises collaborated to put up renewable energy-based power plants for IndianOil Refineries, with the goal of boosting the utilization and capacity of renewable energy sources in the country.

"The joint venture between the two energy companies for a common cause is a perfect example of cooperation and collaboration for others to emulate," said Shri. Gurdeep Singh, CMD of NTPC.

"It is undoubtedly a tremendous message," said Shrikant Madhav Vaidya, Chairman of IndianOil, "as two fossil fuel heavyweights of the country - IndianOil & NTPC join hands to change their route towards green energy." He went on to say that "the two Maharatna PSUs may now harness their skills to further the green growth objective."

NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, will establish the JV Company for the provision of RE-RTC electricity to IndianOil in the future. NGEL will serve as a holding company for NTPC's whole renewable energy sector.

Through this JV, IndianOil intends to satisfy the increased power requirements of its refineries by employing round-the-clock renewable energy to the tune of 650MW by December 2024.