Indian Oil approves Rs 16.6 billion investment in NGEL

Indian Oil Corporation Limited’s Board has approved Rs 16.6 billion investment, securing a 50 per cent stake in the joint venture with NTPC Green Energy Limited (NGEL) for development of renewable power plants.

NGEL will set up clean energy-based power projects, including solar photovoltaic and wind, in order to fulfill the round-the-clock power demands of Indian Oil refinery’s upcoming projects. This collaboration represents a significant stride in India’s shift towards cleaner and more eco-friendly sources of energy.