Indian Oil Corporation Ltd (IOC) is gearing up to boost its commitment to renewable energy by injecting more than Rs. 1,303 crores into its green energy subsidiary. This investment aims to facilitate the establishment of 1 GW of solar and wind power capacity, at an estimated cost of Rs. 5,215 crores.
This initiative underscores IOC’s strategic move towards expanding its renewable energy portfolio, encompassing ground-mounted solar, standalone onshore wind, and wind-solar hybrid projects, thereby contributing significantly to India’s sustainable energy landscape.
The Indian Oil board has given the green light to the proposed investment, alongside endorsing the formation of a wholly-owned subsidiary tasked with overseeing the project and managing the company’s ventures into low-carbon, innovative, and environmentally friendly energy sectors.
Amidst its expansion into renewable energy projects and the electric vehicle sector, IOC is taking significant strides. With plans to provide EV charging points at 10,000 fuel stations and the introduction of EV battery-swapping services in the national capital region, the company is actively fostering sustainable mobility solutions.
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Resource: The Economic Times
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