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NTPC signs MoU with Oil India
India's power utility company NTPC has signed an MoU with the state-owned Oil India Limited to explore collaboration in the areas of renewable energy, green hydrogen and its derivatives, geothermal and other decarbonization initiatives.
According to the company's statement, the MoU will allow both companies to share knowledge and experience on upcoming decarbonization technologies, such as carbon sequestration.
In addition to this, Both companies intend to enhance their footprint in the Renewable Energy domain and foray into sustainable solutions to advance the efforts towards achieving the nation’s Net-Zero targets.
Founded in 1959, Oil India is a state-owned oil company that is engaged in the business of exploration, development and production of crude oil and natural gas. NTPC is engaged in the generation of electricity and other activities.
The development comes after NTPC announced that it would be investing Rs 15,530 crore or $187 million for capacity expansion at its Chhattisgarh-based Lara Super Thermal Power Project.
NTPC added that it plans to reach 60 GW of Renewable Energy by 2032 and become a leader in Green Hydrogen Technology and Energy Storage. It is working on various eco-friendly projects, including hydrogen blending, carbon capture, and fuel cell buses.
($1 = INR 82.72)
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