"NTPC Ltd completed the closing of the transactions in relation to consolidating its Renewable Energy portfolio under one umbrella entity i.e., NTPC Green Energy Limited (“NGEL”), on February 28, 2023," a statement said.
NGEL is NTPC's wholly-owned subsidiary and was incorporated on April 07, 2022.
The transaction was done through a Business Transfer Agreement (BTA), and the transfer of 100% equity shareholding of NTPC Renewable Energy Ltd, a wholly-owned subsidiary of NTPC, through a Share Purchase Agreement (SPA), executed on July 08, 2022.
This scheme has been implemented as a part of the corporate business plan of the group to provide an impetus to its focus on achieving the 60 GW RE capacity target by FY32.