BETUL: India’s top oil producer ONGC and the nation’s biggest power firm NTPC on Wednesday signed a joint venture agreement to set up offshore wind energy projects as the two firms look to boost collaboration in renewable energy. The pact was signed during India Energy Week here.

“The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage,” Oil and Natural Gas Corporation (ONGC) said in a statement.

“Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol.”

The joint venture agreement was signed by NTPC Green Energy Limited CEO Mohit Bhargava, and ONGC executive director Satish Kumar Dwivedi.