IOC’s Rs 5,215 cr investment set to energize India’s RE landscape – EQ
In Short – IOC’s substantial investment of Rs 5,215 crore is poised to invigorate India’s renewable energy (RE) landscape. This significant infusion underscores the company’s commitment to sustainable energy initiatives. By allocating resources towards renewable projects, IOC aims to bolster India’s energy security and reduce carbon emissions. This investment marks a crucial step towards achieving the nation’s renewable energy targets and fostering a greener future.
In Details – With Rs 1,304 crore in equity investment, IOC plans to operate its renewable energy arm under a wholly-owned subsidiary. Indian Oil Corp (IOC), India’s refiner and fossil fuel retailer, is set to invest Rs 5,215 crore to establish 1 gigawatt (GW) of renewable energy capacity nationwide. The board has greenlit the investment plan, which involves deploying standalone solar or wind projects in phases, as disclosed in a stock exchange filing.
With Rs 1,304 crore in equity investment, IOC plans to operate its renewable energy arm under a wholly-owned subsidiary. Venturing beyond oil and gas, the company is expanding into solar, wind, hydrogen, and electric vehicle (EV) charging sectors. It aims to provide EV charging points at 10,000 fuel stations and has introduced battery-swapping facilities for EVs in the national capital region.
In addition, IOC has inked a preliminary agreement with Panasonic to co-manufacture lithium-ion cells for two- and three-wheelers. It also collaborates with Israel’s Phinergy to produce Aluminium air batteries, currently in the pilot phase. These initiatives mark IOC’s commitment to sustainable energy solutions and its strategic positioning in the evolving energy landscape.
