MUMBAI: State run oil explorer ONGCNSE -1.88 % and power generator NTPCNSE -1.83 % have signed a pact to form a joint venture company for renewable energy.
The two companies, both public sector ‘maharatnas,’ signed a memorandum of understanding on Thursday for the JV which aims to enable both companies to achieve their targets in the renewable energy business.
“As per the MoU, NTPC and ONGC will explore and set up renewable power assets including offshore wind, in India and overseas, and explore opportunities in the fields of sustainability, storage, E-mobility and environmental, social and governance compliant projects,” a statement from ONGC said.
