NTPC, the country's largest power producer, announced that a Memorandum of Understanding (MoU) has been entered on amongst Ministry of New and Renewable Energy (MNRE), National Institute of Wind Energy (NIWE) and consortium of partners consisting of NTPC.

NTPC as lead partner for undertaking development of Offshore Wind Power projects and its evacuation & integration into the grid though a Joint Venture Company to be incorporated in this regard.

The other consortium of partners are Power Grid Corporation of India, Power Finance Corporation, Indian Renewable Energy Development Agency (IREDA), PTC India (PTC) and Gujarat Power Corporation (GPCL).

Shares of the company gained Rs 0.3, or 0.22%, to settle at Rs 138.95. The total volume of shares traded was 215,799 at the BSE (Wednesday).