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NLC India, Indian Oil to Form Joint Venture for Renewable Energy Power Projects in Tamil Nadu

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NLC India (NSE:NLCINDIA, BOM:513683) has signed a memorandum of understanding with state-owned Indian Oil (NSE:IOC, BOM:530965) to form a joint venture for renewable energy power projects in Tamil Nadu, India, according to a Tuesday filing to the Indian stock exchanges.

The proposed joint venture will be used to develop large-scale renewable energy projects, including solar, wind, hybrid power with or without energy storage, such as battery storage and pumped storage projects.

The joint venture will also explore future opportunities based on techno-commercial feasibility and evolving market requirements.

Shares of NLC India fell nearly 1% in recent trade, while those of Indian Oil rose close to 1%.

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