In an exchange filing, the state-run power major said that its arm has inked a non-binding MoU with HPCL for development of renewable energy based power projects to tap business opportunities in renewable energy and supply of 400 MW round the clock renewable power for requirements of HPCL.

This MoU marks the first step for NGEL and HPCL to collaborate and cooperate in the field of development of renewable energy projects which shall help HPCL in meeting its clean energy commitments, the company stated in the press release.

HPCL is engaged in the business of refining of crude oil and marketing of petroleum products. It operates through two segments: downstream, and exploration and production of hydrocarbons. ONGC holds 54.90% in HPCL.

NTPC is India's largest energy conglomerate. It has presence in the entire value chain of the power generation business. As on 30 September 2022, the Government of India holds 51.10% in NTPC.

Shares of NTPC rose 0.78% to Rs 167.85 and HPCL gained 2.20% to Rs 246.30 on the BSE.