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The Government has decided to set up two special purpose vehicles (SPVs), headed by ONGC and Indian Oil Corporation (IOC), to set up renewable projects. Currently, companies are doing it individually. Now, they can come together and set up large projects. A large population in rural areas that now uses unhealthy bio mass would be benefited, said Petroleum Secretary Mr Vivek Rae. The SPVs would function independently like commercial organisations, while utilising various promotional schemes of Ministry of New & Renewable Energy and State Governments for the purpose. Mr Rae said that feasibility studies would take three months and by August 15, the companies would be incorporated. The first SPV is for installation of large scale grid connected power generation plants based on renewable energy.