Indian Oil Corporation (IOCL), the country's largest refinery and fuel retailer, and NTPC Green Energy, India's largest power utility, have announced the signing of a Joint Venture (JV) agreement to develop renewable energy (RE) power plants to meet the round-the-clock power requirements of new Indian Oil Refineries in India.

The JV is a synergistic alliance that will combine the strong credentials of NTPC, a dominant power major in India with a presence across the entire value chain of the power generation business, and IOCL's established expertise in petroleum refining as well as its presence across the energy spectrum.