OIL and RVUNL sign JVA for 1.2 GW Renewable Energy Projects in Rajasthan

Oil India Limited (OIL), a Maharatna CPSE under the Ministry of Petroleum & Natural Gas, and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), under the Government of Rajasthan, signed a Joint Venture Agreement (JVA) in Jaipur today to establish a Joint Venture Company (JVC). The JVC will develop 1.2 GW of renewable energy projects, comprising 1000 MW of solar and 200 MW of wind, within RVUNL's Renewable Energy Park in Rajasthan.

The JVA was signed by Shri Devendra Shringi, Chairman & Managing Director of RVUNL, and Shri Ranjan Goswami, Executive Director (Business Development) of OIL in the presence of Shri Ajitabh Sharma, Principal Secretary Energy, Rajasthan and Shri Trailukya Borgohain, Director (Operations), OIL.

The JVC will harness OIL's energy sector expertise and RVUNL's extensive experience in power project development to deliver sustainable energy solutions. The partnership will focus on solar, wind, green hydrogen, and other renewable energy initiatives, supplying clean power to Distribution Companies (DISCOMs) and commercial customers.

To strengthen India's renewable energy ecosystem and support the nation's green energy transition, OIL has established a wholly owned subsidiary, OIL Green Energy Limited (OGEL). OGEL drives OIL's clean energy strategy by building a diversified portfolio in renewables, compressed biogas (CBG), energy storage, and green hydrogen.

This initiative aligns with OIL's ambitious goal of achieving net-zero carbon emissions by 2040 while ensuring sustainable returns.

The agreement marks a significant step toward advancing India's renewable energy goals, fostering innovation, and contributing to a cleaner, sustainable future.

Shares of Oil India Limited was last trading in BSE at Rs. 404.15 as compared to the previous close of Rs. 399.20. The total number of shares traded during the day was 160118 in over 3848 trades.

The stock hit an intraday high of Rs. 405.00 and intraday low of 399.45. The net turnover during the day was Rs. 64490893.00.

Source : Equity Bulls

Keywords

OilIndia INE274J01014 RVUNL JVAgreement