Oil & Natural Gas Corpn and NTPC are planning to set up a Joint Venture Company for Renewable Energy business. The two Maharatnas entered into a Memorandum of Understanding (MoU) on 21 May 2020 in Delhi to formalize this arrangement. The MoU will enable both companies to achieve their targets in Renewable Energy business. As per the MoU, NTPC and ONGC will explore and set up Renewable Power assets including offshore wind, in India and overseas, and explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.