In News: NTPC Green Energy Ltd (NGEL) signed a Memorandum of Understanding (MoU) with Hindustan Petroleum Corporation Ltd (HPCL) for Development of Renewable Energy based Power Projects to tap Business opportunities in RE 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.
- NTPC is India’s largest energy conglomerate with roots planted way back in 1975 to accelerate power development in India.
- NTPC became a Maharatna company in May 2010.
- NTPC is ranked No. 2 Independent Power Producer(IPP) in Platts Top 250 Global Energy Company rankings.
Hindustan Petroleum Corporation Ltd (HPCL)
- It is an Indian oil and gas refining company headquartered in Mumbai
- It was incorporated in 1974 after the takeover and merger of erstwhile Esso Standard and Lube India Limited
- In 2019, the company became a Maharatna PSU
- Since 2018, ONGC has owned a majority stake in the company
- The company is ranked 367th on the Fortune Global 500 list of the world’s biggest corporations as of 2016.
- Maharatna Scheme was introduced for Central Public Sector Enterprises (CPSEs), in 2010, in order to empower mega CPSEs to expand their operations and emerge as global giants.
- The objective of the scheme is to delegate enhanced powers to the Boards of identified large-sized Navratna CPSEs so as to facilitate expansion of their operations, both in domestic as well as global markets.
- Following 10 CPSEs have been identified as Maharatnas:
- BHARAT HEAVY ELECTRICALS LTD.
- BHARAT PETROLEUM CORP.LTD.
- COAL INDIA LTD.
- GAIL (INDIA) LTD.
- HINDUSTAN PETROLEUM CORP.LTD.
- INDIAN OIL CORP.LTD.
- NTPC LTD.
- OIL & NATURAL GAS CORP.LTD.
- POWER GRID CORP.OF INDIA LTD.
- STEEL AUTHORITY OF INDIA LTD.
- Eligibility Criteria for grant of Maharatna status
- Having Navratna status
- Listed on the Indian stock exchange, with a minimum prescribed public shareholding under SEBI regulations
- An average annual turnover of more than 20,000 crore during the last three years
- An average annual net worth of more than 10,000 crore during the last three years
- An average annual net profit of more than 2,500 crore during the last 3 years
- Significant global presence or international operations