NTPC gets nod to set up renewable energy biz arm

New Delhi, August 21

Power giant NTPC on Friday said it has received the approval of Niti Aayog and Department of Investment and Public Asset Management (DIPAM) to set up a wholly-owned company for its renewable energy business.

Now, NTPC will move to form a subsidiary firm for renewable energy business, as it has requisite approvals for the purpose.

“…concurrence had been obtained from NITI Aayog and DIPAM, Ministry of Finance for formation of a wholly-owned subsidiary for NTPC Renewable Energy Business,” the power giant said in a BSE filing.

The wholly-owned subsidiary will be incorporated under the provisions of the Companies Act, 2013, it added. — PTI

Targets 10 GW power by 2022

NTPC is planning to have 10GW of solar energy by 2022, which entails an investment of around Rs50,000 crore