NTPC rises on incorporating JV with MAHAGENCO

NTPC rose 1.99% to Rs 368.85 after the company announced the incorporation of a joint venture company between NTPC Green Energy (NGEL) and Maharashtra State Power Generation Company (MAHAGENCO).

MAHAGENCO NTPC Green Energy (MNGEPL) has been incorporated as 50:50 joint venture between NTPC Green Energy (NGEL), a wholly-owned subsidiary of NTPC, and Maharashtra State Power Generation Company (MAHAGENCO), a Government of Maharashtra (GOM) owned company.

The objectives of forming the joint venture company are to develop, operate, and maintain renewable energy parks in Maharashtra under the ultra mega renewable energy power parks (UMREPP) and to allocate the parks for the development of renewable energy projects.

Meanwhile, the companys subsidiary, NTPC Green Energy has signed memorandum of Understanding (MoU) with Chhattisgarh State Power Generation (CSPGCL) to develop up to 2000 MW of renewable energy projects, including floating solar.

NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. As of 30 September 2024, the Government of India holds 51.10% stakes in NTPC.

The companys consolidated net profit grew by 14.3% to Rs 5,274.59 crore in Q2 FY25 as against Rs 4,614.64 crore reported in Q2 FY24. Net sales declined marginally to Rs 44,696.30 crore in Q2 FY25 from Rs 44,983.35 crore in Q2 FY24.

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