State-owned NTPC said its green energy arm has set up a 50:50 joint venture with Maharashtra State Power Generation Company Ltd., to develop, operate and maintain renewable energy parks in the state.
Mahagenco NTPC Green Energy Private Limited (MNGEPL), was incorporated on November 25, 2024, as a 50:50 joint venture of NTPC Green Energy Ltd (NGEL), a wholly-owned subsidiary of NTPC Ltd and Maharashtra State Power Generation Company Ltd (MAHAGENCO), a Government of Maharashtra-owned company, according to a regulatory filing by NTPC on November 26.
The JV will be engaged in the business of developing, operating and maintaining renewable energy parks in Maharashtra under UMREPP and allot parks for development of Renewable Energy Projects, it added.
The NGEL has subscribed 50,000 equity shares at the face value of Rs 10 each.
The development comes ahead of NTPC Green Energy's market debut on Wednesday. NTPC Green Energy IPO was fully subscribed at 2.42x on the last day of subscription on November 22. The share sale received bids for 143.37 crore shares against 59.31 crore shares on offer, as per NSE data.
(With PTI inputs)
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