The state-run power major, through its subsidiary, has set an target of building a renewable generation portfolio of 60 gigawatt (GW) over the next decade to aggressively pursue its green energy business.

“The signing of this joint venture agreement between the two Maharatna behemoths will enable NTPC and Indian Oil to meet the Government of India's clean energy targets in their respective core businesses.” NTPC stated in the press release.

Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 December 2022, the Government of India held 51.50% stake in the company.

NTPC is primarily involved in the generation and sale of bulk power to state power utilities. Other business of the group includes providing consultancy, project management & supervision, energy trading, oil & gas exploration and coal mining. The Government of India holds 51.10% stake in NTPC as of 31 December 2022.

Shares of NTPC were down 0.09% to Rs 175.75 while Indian Oil Corporation declined 1.25% to Rs 79.55 on the BSE.