NTPC Green Energy launches JV with Maharashtra State Power ahead of stock market debut tomorrow

NTPC Green Energy Limited (NGEL) has incorporated a 50:50 joint venture (JV) with Maharashtra State Power Generation Company Limited (MAHAGENCO) to develop, operate and maintain renewable energy parks in the state of Maharashtra, according to the BSE filing on Tuesday, November 26. 

The joint venture is named Mahagenco NTPC Green Energy Private Limited (MNGEPL), as per the exchange filing. 

NTPC Green Energy is a wholly-owned subsidiary of the State-run energy giant NTPC Ltd. This development of a joint venture comes ahead of the listing date of NTPC Green Energy’s initial public offering (IPO) set to hit Dalal Street on Wednesday, November 27. 

NTPC Ltd shares closed 1.90 per cent lower after Tuesday’s market session at ₹361.65, compared to ₹368.65 at the previous market close. The disclosure of the new joint venture was filed with the exchanges after market operating hours on Tuesday.