NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Ltd that is gearing up for an initial public offering (IPO), said it has entered into a joint venture agreement with Mahatma Phule Renewable Energy and Infrastructure Technology Ltd. (MAHAPREIT), to undertake development of 10 GW of renewable energy parks.

According to the agreement with MAHAPREIT, the "JV company will undertake development of 10 GW of renewable energy parks and projects in Maharashtra or in any other state of India, NTPC said in an exchange filing on September 26.

The JV agreement was signed by Rajiv Gupta, CEO (NGEL) and Bipin Shrimali, MD (MAHAPREIT) in Mumbai in the presence of other senior officials from NGEL and MAHAPREIT on Wednesday.

Earlier this month, NTPC Green Energy filed a draft red herring prospectus (DRHP) with SEBI to launch its much-anticipated Rs 10,000-crore (IPO). The public issue, which could become India’s largest in 2024, will be entirely a fresh issue of equity shares, with no offer for sale from the promoter entities.

The IPO will feature a quota for existing shareholders of parent company NTPC Ltd, with a maximum 10 percent of the issue earmarked under this category. Investors holding shares of NTPC as of the date of filing the red herring prospectus (RHP) will be eligible to participate in this quota, providing an opportunity for NTPC shareholders to subscribe to the IPO.

The mega PSU IPO has been on investors’ radar ever since NTPC Green Energy filed its DRHP.

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