NTPC gets nod to set up renewable energy biz arm

New Delhi, August 21

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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