In an exchange filing, the power generation company said that the objective of the memorandum of understanding (MoU) is to jointly evaluate and explore the possibility to develop commercial scale Green Methanol Production facility at the NTPC project in India.

The Green Methanol Project involves capturing carbon from NTPC power plants and converting it into a green fuel. Green Methanol has a wide range of applications, including serving as a base material for the chemical industry, storing renewable electricity, and even as a transportation fuel. It is also considered as a substitute fuel for maritime fuel applications, the company stated.

CK Mondol, director (commercial), NTPC, said, “This project along with NTPC's under execution pilot scale Green Methanol project aligns with NTPC's commitment to sustainability and renewable energy, and will significantly contribute to India's energy transition.”

NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. As on 30 September 2022, the Government of India holds 51.10% in NTPC.

The company's consolidated net profit declined 7.2% to Rs 3,338.45 crore despite of 36.3% jump in revenue from operations to Rs 44,175.03 crore in Q2 FY23 over Q2 FY22.

Shares of NTPC were up 0.27% to Rs 166 on the BSE.