The new company, NIRL PTC Renewables Ltd, was incorporated in India on September 16, according to a regulatory filing by PTC India.
NLC India Renewables, a subsidiary of state-run NLC India, will hold a 74% stake in the joint venture, while PTC India will own the remaining 26%.
PTC India has subscribed to 26,000 equity shares in the company at a face value of ₹10 each, with the investment to be made in cash.
The joint venture will explore opportunities including the development of green energy projects, subject to the terms of its joint venture agreement and the necessary regulatory approvals, PTC India said.
The company added that it had obtained approval from the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance before incorporating the joint venture.
Shares of PTC India closed at ₹156 on the NSE on Thursday, up 4.04%, or ₹6.05, while NLC India shares ended at ₹262.40, up 2.76%, or ₹7.05.Also Read: NLC India subsidiary gets Letter of Award for 200 MW wind project from SJVN
