State-owned NTPC recently said it has incorporated a subsidiary for its renewable energy business.
"NTPC Ltd has incorporated a wholly-owned subsidiary, in the name of NTPC Renewable Energy Ltd with the Registrar of Companies, NCT of Delhi & Haryana on October 7, 2020, to undertake renewable energy business," a BSE filing said.
In August, NTPC had received approval from Niti Aayog and the Department of Investment and Public Asset Management to set up a wholly-owned company for its renewable energy business.
The creation of the new subsidiary comes at a time when NTPC is targeting generation of nearly 30 per cent or 39 GW of its overall power capacity from renewable energy sources by 2032.
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This is also consistent with India's ambitious target of having 175GW clean energy by 2022. NTPC is planning to have 10GW of solar energy by 2022, which entails an investment of around Rs 50,000 crore.