Indian Oil Corp, HPCL (Hindustan Petroleum Corporation Limited) and BPCL (Bharat Petroleum Corporation Limited) are planning to expand their business by increasing their presence in the renewable energy space, Mint reported. Indian Oil Corp is planning to set up battery charging stations for electric vehicles at its petrol pumps, BPCL is looking into rooftop solar plants and HPCL is looking to make a mark in the natural gas and renewable energy segments. Indian Oil’s annual report for 2016-2017 said,“We are also looking at opportunities for manufacturing and retailing lithium-ion batteries,” clearly stating that they are keen on setting up battery charging stations.
According to BPCL’s annual report for FY17, the company sees 5 percent of its revenue coming from non-fossil fuel resources. BPCL has finalised 10 oil depots and liquified petroleum gas bottling plants for installation of rooftop solar plants. BPCL chairman D Rajkumar, after the firm’s annual general meeting, said that he believes that the demand for electric vehicles will increase and that an “entire ecosystem needs to created”. He added, “…we need to understand the extent to which it is going to disrupt the market.”
HPCL is tapping opportunities by making its presence stronger in the renewable energy market. It operates wind farms with a total capacity of 100.9 MW in Rajasthan and Maharashtra. However, HPCL does not see electric vehicles disrupting the oil market. “For electrical cars to make a significant dent in the fossil fuel market, it will take time,” HPCL Chairman and Managing Director Mukesh Kumar Surana said after the company’s annual general meeting. It makes sense for these companies to take up these initiatives because the Centre is pushing renewable energy – solar and wind – and electric vehicles in India. These moves will help India fight its pollution problem.
Source:MoneyControl
