The government of Rajasthan and the state-run power giant NTPC have inked a Memorandum of Understanding (MoU) for the development of 25 GW of renewable energy projects in the state, according to NGEL, a wholly owned subsidiary of NTPC.
The business stated in a regulatory filing that the Chief Minister of Rajasthan was present when the Memorandum of Understanding was signed by Alok, (IAS) ACS (Energy) and KS Sundaram, Director (Projects), NGEL. On this occasion, senior representatives from NGEL and the Government of Rajasthan were also in attendance.
To initiate an initial public offering (IPO) of Rs 10,000 crore, NTPC Green Energy submitted a draft red herring prospectus (DRHP) with SEBI earlier this month. The initial public offering (IPO) will probably be followed by a later, suitable offer for sale. With the planned offering of the latter, NTPC is hoping to profit from the simultaneous surge in the parent company’s valuation as well as that of the green arm.
Earlier, NTPC Chairman and Managing Director Gurdeep Singh stated that the parent company’s worth will rise as a result of the IPO of its fully-owned green subsidiary, in an interview with FinancialExpress.
