NTPC Energy establishes JV with MAHAGENCO

27 Nov 2024 , 12:17 PM

The state-owned NTPC said on Tuesday that its branch has formed a 50:50 joint venture with the Maharashtra State Power Generation Company Limited. The two firms have formed MAHAGENCO NTPC GREEN ENERGY PRIVATE LIMITED (MNGEPL), which will build, operate, and maintain renewable energy parks in Maharashtra. 

According to a regulatory filing, MNGEPL was formed on November 25, 2024, as a 50:50 joint venture between NTPC Green Energy Ltd (NGEL), a wholly-owned subsidiary of NTPC Ltd, and Maharashtra State Power Generation corporation Ltd (MAHAGENCO), a government-owned corporation.

The JV would create, operate, and maintain renewable energy parks in Maharashtra under the UMREPP program, as well as allot parks for the development of renewable energy projects, it added.

The NGEL has subscribed for 50,000 equity shares with a face value of ₹10. 

The development occurs ahead of NTPC Green Energy’s market debut on Wednesday. On November 22, the last day of subscriptions, the NTPC Green Energy IPO was completely subscribed at 2.42x. According to NSE data, the share sale attracted bids for 143.37 Crore shares, with 59.31 Crore shares on offer.

NTPC Limited reported a 14% increase in consolidated net profit to ₹5,380.25 Crore in the September quarter.

Its net profit for the previous fiscal year was ₹4,726.40 Crore, according to a BSE filing.

However, total income fell to ₹45,197.77 Crore in the quarter, down from ₹45,384.64 Crore the previous year.

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