NTPC Green Energy Joins Forces with Maharashtra State Power: What This Game-Changing JV Means for the Future of Clean Power?
NTPC Green Energy: NTPC announced that its green energy division(NTPC-Green) has formed a 50:50 joint venture with Maharashtra State Power Generation Company Ltd. The goal is to develop, operate, and maintain renewable energy parks within the state. The joint venture, known as Mahagenco NTPC Green Energy Private Limited (MNGEPL), was established on November 25, 2024. This partnership consists of NTPC Green Energy Ltd (NGEL), a fully owned subsidiary of NTPC Ltd, and Maharashtra State Power Generation Company Ltd (MAHAGENCO), a company owned by the Government of Maharashtra. The information was disclosed in a regulatory filing by NTPC on November 26.
The venture(NTPC and Maharashtra State Power) will focus on the development, operation, and maintenance of renewable energy parks in Maharashtra through UMREPP, as well as assigning parks for the development of Renewable Energy Projects, as stated in the filing.
NGEL(NTPC Green Energy Limited) has invested in 50,000 equity shares at a face value of Rs 10 each.
This development occurs just before the market launch of NTPC Green Energy on Wednesday. The IPO saw full subscription at 2.42 times on the final day of subscription on November 22. According to NSE data, the share sale attracted bids for 143.37 crore shares, surpassing the 59.31 crore shares available.
Stay tuned for more updates and insights on the stock market! For more insights on investing in the Indian stock market, check out resources like Moneycontrol and NSE India.
Disclaimer: This article is for informational purposes only and should not be construed as financial or investment advice.