Indian Oil to invest Rs 1,660 cr in exchange for 50% stake in JV with NTPC
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Oil major Indian Oil Corporation will invest Rs 1,660.15 crore for its 50 per cent stake in a joint venture with NTPC Green Energy Pvt Ltd announced earlier this year, it said in a regulatory filing on Friday. The two companies had in March announced a JV IndianOil NTPC Green Energy to develop renewable energy power plants.
"The board at its meeting held today on 13 October 2023 has accorded approval to the investment plan of the JVC for setting up Renewable Energy Power Plants and approved the equity contribution of up to Rs 1,660.15 crore towards IndianOil's share of 50 per cent in the equity share capital of the JVC," the filing read.
Both companies will hold equal stake in the proposed JV.
Indian Oil also announced the appointment of Anuj Jain as its chief financial officer (CFO). He was the director of Finance at Indian Oil.
Aged 52, Jain is a commerce graduate and a Chartered Accountant from the Institute of Chartered Accountants of India (ICAI). He has also completed a Master's in Business Finance from the ICAI.
Jain joined Indian Oil in 1996 and has over 27 years of experience in the Finance, Taxation and Commercial aspects of the Oil & Gas industry. He has handled various assignments like Corporate Finance, Treasury & Fund Management, Supply Chain Optimization, Pricing, Shipping, Direct and Indirect Taxation, SAP and ERP systems etc.
Prior to his elevation as Director (Finance), Jain was the Chief General Manager (Finance) at Indian Oil headquarters. He was also posted as Senior Vice President (Finance) in Lanka IOC PLC, a listed Subsidiary of IndianOil in Sri Lanka where he headed the Finance function.
"Anuj Jain is actively involved in the identification and formulation of various business strategies for energy transition of the Company in the changing landscape of India's energy sector," the company said.
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