IPO-Bound NTPC Green Energy Forms JV With ONGC Arm To Boost Renewable Push

IPO-bound NTPC Green Energy Ltd., a subsidiary of NTPC Ltd., and ONGC Green Ltd., an arm of Oil and Natural Gas Co., on Monday announced a 50:50 joint venture aimed at boosting India's renewable energy push.

The formation of the JV aligns with India's ambitious target of achieving 500 GW of renewable energy capacity by 2030, both the companies said.

The announcement comes on the heels of NTPC Green Energy's initial public offering, which comprises entirely via a fresh issue of approximately 92.6 crore shares.

The IPO is set to become India's third largest IPO this year after Hyundai Motor India Ltd. and Swiggy Ltd. The anchor book issue will be open for subscription on Monday.

The price band is fixed between Rs 102 and Rs 108 per share. At the upper price band, the company is valued at a market capitalisation of Rs 91,000 crore.

Shares of NTPC, the parent company, closed 1.49% lower at Rs 366.95 apiece on the NSE, as compared to a 0.34% decline in the benchmark Nifty 50.