IOCL entered into JV with SJVN Ltd for renewable projects

by Psu Connect
Date: 30-05-24

The formation of the Joint Venture Company is also subject to the approval of Ministry of Power, NITI Aayog, Department of Investment and Public Asset Management (DIPAM, Ministry of Finance) etc.

IOCL entered into JV with SJVN Ltd for renewable projects

The Board of Directors of the PSU Company SJVN Ltd in its meeting has approved the signing of a Joint Venture Agreement with Indian Oil Corporation Limited for the formation of a Joint Venture Company for the development of Green RTC, Renewable Projects, and other New Technology-based Projects.

The formation of the Joint Venture Company is also subject to the approval of the Ministry of Power, NITI Aayog, Department of Investment and Public Asset Management (DIPAM, Ministry of Finance), etc.

Indian Oil Corporation Limited has entered into an agreement with SJVN Ltd for the purpose of formation of a Joint Venture Company (“JVC”) for the development of Green RTC/Renewable Projects and other New Technology-based Projects.

The entity will be formed with a 50:50 JV whereby both SJVN and IOCL shall hold 50% stake.

The proposed initial capital shall be as, Authorized Capital of JVC Rs 250 crore, and the Paid-up capital of JV is Rs 2 crore which is divided into 20,00,000 (Twenty Lakh) shares of Rs 10/- (Rupees Ten) each.