NTPC and Oil and Natural Gas Corporation (ONGC) have come together to form a new company, “ONGC NTPC GREEN PRIVATE LIMITED” (ONGPL), aimed at developing renewable energy projects.

What Happened: As per a regulatory filing, ONGPL is a 50:50 joint venture between NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Limited, and ONGC Green Limited (OGL), a wholly-owned subsidiary of ONGC.

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The joint venture’s primary objective is to explore and establish renewable energy projects and assets through greenfield development and acquisitions. It will also evaluate the feasibility of offshore wind projects, among other related activities.

The Ministry of Power (MoP), Government of India, had previously approved the formation of this joint venture. The new company’s authorized share capital is ₹10 Lakh, with an equal amount subscribed and paid up.

ONGPL will operate in the renewable energy sector, exploring opportunities in storage, E-mobility, and ESG (Environmental, Social, and Governance) compliant projects. It will also investigate opportunities related to carbon credits and green credits for low-carbon transition.

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