Oil India surges 1% on green energy JV with Assam Power Generation Corporation

Oil India and Assam Power Generation Corporation have inked a joint venture for collaborative efforts in the renewable energy sector.

Shares of Oil India Ltd saw a nearly 1 percent increase in early trade on January 9 following the signing of a Joint Venture Agreement (JVA) with Assam Power Generation Corporation for collaborative work in the green energy sector. As of 9:24 am, the Oil India stock was trading at Rs 375.20 on the NSE.

Oil India and Assam Power Generation Corporation have inked a joint venture for collaborative efforts in the renewable energy sector, aiming to maximize green power generation in the state as detailed in a corporate disclosure by the company on January 8.

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The notification further stated that, “the joint venture agreement is crucial in order to boost India's efforts towards energy transition and for achieving OIL's target for net zero by 2040. OIL already established 188.1 MW of renewable energy plants across Rajasthan, Gujarat and Madhya Pradesh.”

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Further, the JVA was executed by Biswabrata Lahkar, Executive Director (Business Development) on behalf of OIL and Bibhu Bhuyan, Managing Director on behalf of APGCL in presence of Chairman, APGCL and other senior officials of OIL and APGCL.

Oil India stock performance

The Oil India stock has given a return of 47.15 percent over the last six months. The benchmark Nifty50 index has given a return of 11.14 percent over the same duration.

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