Country largest power producer National Thermal Power Corporation (NTPC) would form a separate entity for renewable energy business.
The state-owned power giant said that it had received the approval of Niti Aayog and Department of Investment and Public Asset Management to set up a wholly-owned company for its renewable energy business.
In a BSE filing, the company company informed that concurrence had been obtained from NITI Aayog and Department of Investment and Public Asset Management (DIPAM), Ministry of Finance for formation of a wholly-owned subsidiary for NTPC Renewable Energy Business.
The wholly-owned subsidiary will be incorporated under the provisions of the Companies Act, 2013, it added.
With an installed capacity of 62,000 MW, NTPC had set a target to generate nearly 30 per cent or 39 GW of its overall power capacity from renewable energy sources by 2032. This is also consistent with India’s ambitious target of having 175GW clean energy by 2022.
NTPC is also planning to have 10GW of solar energy by 2022, which entails an investment of around Rs 50,000 crore.
Now with the approval, the decks are cleared for separate arm for the business that would facilitate the power company to achieve its goals to push clean energy in the country.
