Correct Answer : For renewable and new energy initiatives
Leading public sector undertakings (PSUs) NTPC Limited and Oil and Natural Gas Corporation (ONGC) on Monday (4th Nov 2024) announced the formation of a 50:50 joint venture company (JVC) to further promote their interests in the renewable and new energy arena.
The JVC between the country’s largest power generating company and largest oil and gas producer has been formed through their green energy subsidiaries – NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd.
The new company will venture into various renewable energy and new energy opportunities including solar and wind energy, both onshore and offshore, and green molecules such as green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol.
It will also focus on new and emerging technologies in the field such as energy storage including both pump and battery storage, e-mobility, carbon credits and green credits.
"The strategic partnership between NGEL and OGL signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with the nation's ambitious goals for a greener future,” the companies said in a joint statement.
“Considering their domain expertise and resources, both entities are poised to contribute significantly to India's renewable energy landscape, driving innovation and fostering environmental stewardship," they said..
Source : Business Standard
