Indian Oil Corporation (IOC) is set to invest Rs 5,215 crore (INR 52.15 billion) to develop 1 gigawatt (GW) of renewable energy capacity across India. This project will include the establishment of standalone solar, wind, or hybrid projects to bolster the nation’s renewable energy infrastructure.
The IOC’s board has approved an investment plan that entails an equity investment of Rs 1,304 crore and the creation of a wholly-owned subsidiary dedicated to renewable energy. This move aligns with IOC’s strategy to diversify its portfolio beyond oil and gas. Moreover, they are venturing into solar, wind, hydrogen, and electric vehicle charging infrastructure.
In addition to the renewable energy projects, IOC is also focusing on the electric vehicle (EV) segment. The company has plans to provide EV charging facilities at 10,000 fuel stations. Moreover, it has already initiated EV battery-swapping facilities in the national capital region. It has entered into preliminary agreements with Panasonic to manufacture lithium-ion cells. Additionally, it has partnered with Israel’s Phinergy to produce Aluminum air batteries, which are currently in the pilot stage.
This investment is a part of IOC’s broader goal to achieve net-zero operational emissions by 2046. The establishment of the green energy subsidiary awaits approval from NITI Aayog, DIPAM, and various governmental bodies.
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