Malaysia's Petroliam Nasional Berhad (Petronas) withdrew its bid for a 20% interest in the company, NTPC aims to raise money through an initial public offering (IPO) for its green energy arm NTPC Green Energy Ltd (NGEL) in current fiscal year. One of the people remarked, "The initial public offering will be on a book building basis."
REC Ltd and Indraprastha Gas Ltd were edged out by Petronas for the stake in a bidding last month, according to persons with direct knowledge of the situation. The individual said that there were more negotiations to increase the value after receiving the final bids, but the (highest) bidder withdrew it.
NTPC expects to sell assets worth approximately 6,000 crore in FY24. The NGEL IPO is part of the plan. The Cabinet Committee on Economic Affairs (CCEA) gave its approval on March 17 to NTPC's request to increase its stake in NGEL above the 5,000 crore limit for a Maharatna corporation in its subsidiary.
But the individual added that it's not as though NTPC won't hunt for strategic investors for NGEL in the future. To NGEL near the end of 2022–2023 were about 15 NTPC renewable energy assets. The ambitious renewable energy initiatives of India's largest power generator will be led by NGEL. To complete the projects, the organisation will work with joint ventures and subsidiaries. By 2032, NTPC hopes to achieve 130 GW of combined renewable energy capacity and 60 GW of standalone capacity. The company is also engaged in projects related to nuclear energy, green hydrogen, e-mobility, and waste-to-wealth. According to an earlier statement by NTPC, 40 GW of the 60 GW would be procured through tariff-based competitive bidding, which would also involve bundling for 24-hour power.
By 2030, India has promised to lower the emissions intensity of its GDP by 45% and deploy around 50% of its installed capacity for non-fossil fuel-based energy sources. By 2030, it also intends to have 500 GW of installed non-fossil fuel capacity. It generates roughly 24% of the total electricity produced in India, a share of 17% of the installed capacity.
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