IOC, NTPC to set up renewable energy plants in joint venture

Indian Oil Corporation and NTPC are all set to form joint ventures to set up renewable energy plants in the country. The firms said to make JV with 50:50 equity participation.

“We plan to offer a diverse portfolio of both molecules and electrons. While we look to diversify our existing petroleum and gas product offerings, we will consolidate our green assets under one vertical,” IOC chairman S M Vaidya said at an industry function coinciding with the announcement.

The company had announced low-carbon and new energy portfolio will include biofuels and biogas, sustainable jet fuel, electric vehicles charging, renewable energy, green hydrogen, CCUS and carbon credits.

Indian Oil Corporation has also launched a bouquet of low-carbon products, including Xtragreen diesel, XP95 and XP100 petrol, Xtra Tej LPG, CBG under the brand IndiGreen and Servo Raftaar.

Mr Vaidya added, ““Our present power need of IOCL refineries and petrochemical complex is 900MW, which is met from captive power plants.  We have taken a conscious decision to tie up with NTPC.”