State-owned power producer NTPC (NSE:NTPC, BOM:532555) has incorporated a 50-50 joint venture company with Oil and Natural Gas Corporation (NSE:ONGC, BOM:500312), according to a Monday filing to the stock exchanges.
The joint venture named ONGC NTPC Green was formed by NTPC Green Energy, a wholly-owned subsidiary of NTPC, and ONGC Green, a wholly-owned subsidiary of ONGC, the filing said.
The JV will be involved in the exploration and establishment of renewable energy projects and assets through acquisitions as well as greenfield development, according to the filing.
ONGC NTPC Green will also evaluate offshore wind projects' viability and establishment, among other related activities.
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