NTPC, ONGC to form a joint venture company to promote renewable and new energy
The JVC has been formed through their Green Energy Subsidiaries – NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd.
Government-owned power giant NTPC said on Saturday that its board has cleared a proposal to raise up to Rs 12,000 crore through the issuance of bonds and non-convertible debentures (NCDs).
NTPC said in a regulatory filing, “The Board of Directors of the company has, in its meeting held on Saturday, June 29, subject to approval of shareholders, approved the issue of secured/unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures (‘Bonds/NCDs’) up to Rs 12,000 crore in one or more tranches/series not exceeding 12, through private placement in the domestic market during the period commencing from the date of passing of special resolution till completion of one year thereof or the date of next Annual General Meeting in the financial year 2025-26, whichever is earlier.”
“The size, tenure, listing details (BSE and/or NSE), coupon, security (if applicable), and other details as applicable will be decided at the time of issuance of each tranche/series,” it added.
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NTPC is also going for the world’s first and largest 4G ethanol project at its Lara Thermal Plant in Chattisgarh. Jakson Green Pvt., the renewable energy arm of Jakson Group, earlier this month announced that it has tied up with NTPC to set up the project.
NTPC posted a net profit of Rs 21,332 crore for the financial year ended March 31, 2024, which represented a close to 25 per cent increase over the corresponding figures of the previous year.
The stock price of the company closed 0.62 per cent higher at Rs 379.50 on the BSE on Friday.
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