New Delhi: Oil India Limited (OIL) on Thursday said its Board of Directors has approved the formation of a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL), along with the transfer of its renewable energy assets to a wholly-owned subsidiary. The decisions were taken at the company’s board meeting held on Thursday, OIL informed the stock exchanges in a regulatory filing.
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The joint venture with RRVUNL will be formed with an equal 50:50 equity holding, the company said in a filing.
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The board also approved the transfer of Oil India’s renewable energy assets to OIL Green Energy Limited, its wholly owned subsidiary. The transfer will be carried out at the book value of the assets, effective from the closing date of the respective Power Purchase Agreements, in line with a Business Transfer Agreement to be executed.