Unified in the purpose of increasing the usage & capacity of renewable energy sources in the country, the state-run corporations teamed up setting-up renewable energy-based power plants for IndianOil refineries.

Going forward NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV company for supply of RE-RTC power to IndianOil. NGEL will be an umbrella company for consolidating NTPC's total renewable energy businesses.

IndianOil plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by December 2024 through this JV.

Shares of Indian Oil Corporation advanced 0.42% to Rs 71.45 while those of NTPC lost 0.30% to currently trade at Rs 149.40 on the BSE.