Energy conglomerate NTPC and oil major Oil and Natural Gas Corporation (ONGC), have announced a strategic partnership related to renewable energy.

What Happened: The public sector firms are set to establish a 50:50 joint venture company (JVC) through their green energy subsidiaries, NTPC Green Energy and ONGC Green Energy.

The announcement comes following statutory approvals from DIPAM and NITI Aayog. NGEL has also filed an application with the Ministry of Corporate Affairs for the establishment of the 50:50 joint venture with OGL.

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The partnership will explore various aspects of the renewable energy value chain, including offshore wind energy, hydrogen production, and other green energy initiatives. It will also explore opportunities to acquire renewable energy assets and consider participating in upcoming offshore wind tenders in Tamil Nadu and Gujarat.

Given their domain expertise and resources, both organisations are well-positioned to make substantial contributions to India’s renewable energy sector, promoting innovation and encouraging environmental stewardship, NTPC said.

Price Action: NTPC shares were down 2.43% at ₹401.35 whereas ONGC lost 2.96% to trade at ₹263.70 amid a broader market sell-off.

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