Indian Oil Corporation has committed an investment of Rs 1,660.15 crore for a 50 percent share in a joint venture with NTPC Green Energy Pvt Ltd. The collaboration, named IndianOil NTPC Green Energy, was initially revealed earlier this year and aims to spearhead the development of renewable energy power plants.
In a regulatory filing on Friday, Indian Oil stated, “The board, in its meeting held on 13 October 2023, has greenlit the investment blueprint for establishing Renewable Energy Power Plants. It also endorsed an equity infusion of up to Rs 1,660.15 crore towards IndianOil’s 50 percent stake in the joint venture’s equity share capital.”
The proposed joint venture will see both companies holding an equal share.
Additionally, Indian Oil has welcomed Anuj Jain as its new Chief Financial Officer (CFO). With a background in commerce and a Chartered Accountant certification from the Institute of Chartered Accountants of India (ICAI), the 52-year-old executive also holds a Master’s in Business Finance from the same institute.
Jain’s extensive 27-year tenure at Indian Oil spans a wide range of financial, taxation, and commercial roles within the oil and gas sector. His expertise encompasses Corporate Finance, Treasury and Fund Management, Supply Chain Optimization, Pricing, Shipping, Direct and Indirect Taxation, SAP, and ERP systems.
Before stepping into his role as Director (Finance), Jain served as the Chief General Manager (Finance) at Indian Oil’s headquarters. He also held the position of Senior Vice President (Finance) at Lanka IOC PLC, a listed subsidiary of IndianOil in Sri Lanka, where he was in charge of the Finance function.
The company highlighted, “Anuj Jain plays a pivotal role in crafting diverse business strategies to navigate the Company through the evolving landscape of India’s energy sector.”
About Indian Oil:
Indian Oil Corporation Limited, an Indian multinational oil and gas enterprise, operates under the ownership of the Government of India’s Ministry of Petroleum and Natural Gas. The company is headquartered in New Delhi and functions as a public sector entity, with its operations being supervised by the Ministry of Petroleum and Natural Gas.
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