NTPC Green Energy and GAIL Join Forces in 50:50 Renewable Energy JVC

NTPC Green Energy Ltd, a wholly owned subsidiary of India's largest power producer NTPC, announced on January 15, 2026, that its board approved a 50:50 joint venture agreement with GAIL (India) Ltd to establish a new company focused on renewable energy projects. 

The move signals deepening collaboration between two state-owned giants to accelerate India's clean energy transition. The JV incorporation is awaiting approvals from the Ministry of Power, the Department of Investment and Public Asset Management (DIPAM), and other relevant authorities. However, it must be notred that multiple previous MOU's between various PSU energy firms and NTPC have led to limited progress in most cases.

JV Details and Strategic Focus

The joint venture company (JVC) will spearhead renewable energy initiatives, leveraging NTPC Green Energy's expertise in solar, wind, and storage projects alongside GAIL's expanding clean energy portfolio. 

This partnership aligns with NTPC's ambitious goal of achieving 60 GW renewable capacity by FY32 through both organic growth and strategic alliances. The regulatory filing emphasised the board's approval during its January 15 meeting, marking a significant step in integrating gas infrastructure with green power generation.

Strong Financial Performance Bolsters Expansion

NTPC Green Energy reported robust Q2FY26 results, with net profit surging 131.6% year-on-year to ₹88 crore for the quarter ended September 30, 2025, from ₹38 crore in the prior year. 

Revenue climbed 21.5% to ₹612.3 crore, while EBITDA rose 26% to ₹529.6 crore, pushing the margin to an impressive 86.5% from 83.4%. 

Company Profiles and Market Context

NTPC Green Energy serves as the umbrella entity for NTPC's green initiatives, driving projects across the renewable spectrum to position the group as a leader in sustainable power. 

GAIL (India) Ltd, a Maharatna PSU under the Ministry of Petroleum & Natural Gas, leverages its expertise in natural gas transmission and distribution, with a growing focus on decarbonisation efforts.