Indian Oil Corp, NTPC in pact for renewable energy business
Indian Oil Corporation (IOC NSE -1.02 %) and NTPC NSE -1.17 % have signed a memorandum of understanding to together explore and collaborate in the renewable energy sector, the two public sector companies said in a joint statement.
IOC and NTPC plan to jointly build generation and storage of renewable energy or other cleaner forms of energy, including gas-based power, primarily to cater for the former’s refineries and other installations.
“As a global energy major, environmental priority is being weaved into every business aspect of IndianOil, and now, we intend to use green energy to power new projects and refinery expansions,” said Shrikant Madhav Vaidya, chairman, IOC.
