NTPC inks pact with Rajasthan govt for renewable energy project

1 Oct 2024 , 02:35 PM

NTPC announced on Monday, September 30, that its subsidiary firm, NTPC Green Energy Ltd, had signed a memorandum of understanding with the Rajasthan government for a 25-gigawatt renewable energy project. The agreement of understanding was inked during the Rising Rajasthan Investor Meet in Delhi, the business stated in an exchange statement.

NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Ltd, signed a Memorandum of Understanding (MoU) with the Rajasthan government on September 30, 2024, to develop 25 GW of renewable energy projects in the state.

The MoU was signed by Shri K S Sundaram, Director (Projects), NGEL, and Shri Alok, (IAS) ACS (Energy), in the presence of the Hon’ble Chief Minister of Rajasthan. The event was also attended by senior officials from the Rajasthan government and NGEL.

Meanwhile, NTPC Green Energy has submitted a draft red herring prospectus (DRHP) for possible public listing.

According to earlier reports, NTPC’s renewable energy subsidiary is slated to conduct its initial public offering (IPO) in the first week of November this year.

NTPC declared a net profit of ₹4,511 Crore and revenue of ₹44,419 Crore from April to June.

At around closing, NTPC was trading 0.54% lower at ₹440.80, against the previous close of ₹443.20 on NSE. The counter touched an intraday high and low of ₹447.75, and ₹438.80, respectively.

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