NTPC subsidiary inks MoU with Indus Towers for green energy expansion
Upstox
2 min read • Updated: April 22, 2024, 7:57 PM
Summary
In a stock exchange filing, NTPC Ltd said that the purpose of the MoU is to advance green energy objectives and contribute to the Central government’s initiatives aimed at achieving the target of a carbon-neutral economy.
State-owned NTPC Ltd has joined hands with Indus Towers as a part of its green energy expansion. The company announced signing a memorandum of Understanding (MoU) with Indus Towers to address the need of expediting its green energy objectives.
In an exchange filing on April 19, NTPC informed that its wholly owned subsidiary, NTPC Green Energy Limited (NGEL), has inked a Memorandum of Understanding (MoU) with and Indus Towers Limited (ITL) to propel green energy objectives and support the Government of India’s efforts towards achieving a carbon-neutral economy.
“NTPC Green Energy Limited (NGEL) and Indus Towers Limited (ITL) today signed a Memorandum of Understanding (MoU), to address the need for pacing green energy objectives and the GOI’s efforts towards a carbon neutral economy,” the filing read.
The aim of the MoU is to explore the development of grid-connected renewable energy-based power projects, including solar, wind, energy storage and related solutions. The MoU was signed by Vikas Poddar, chief financial officer of ITL, and Soumya Kanti Chowdhuri, chief general manager of NGEL, the company informed the stock exchanges.
In another regulatory filing earlier this month, NTPC disclosed that it has received an order from the State Tax Officer, Ghatak 57, Range -15, Division – 7, Surat, Gujarat, regarding the collection of interest and penalty under Goods and Service Tax laws, amounting to ₹28,93,124. The company added that it would file an appeal before the 1st appellate authority of the applicable jurisdiction within the prescribed timeline. However, NTPC emphasised that the GST notice won’t have any material impact on the financials, operations or other activities of the company.
Indus Towers Limited is a provider of passive telecom infrastructure in India. The company has over 2.11 lakh telecom towers across India, serving all wireless telecommunication service providers in the country.
NTPC, India’s largest Power Utility, formed NGEL, to take up renewable energy projects, including ventures in green hydrogen, energy storage technologies, and round the clock renewal energy power.
Shares of NTPC closed 1.8% lower at ₹344.25 apiece on the NSE on Monday.