Oil India to establish JV with RRVUNL

12 Sep 2025 , 11:35 AM

Oil India Limited announced that it has received approval from its board of directors to set up a Joint Venture with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL). Each partner will hold equal equity in the JV.

As per the company’s filing, the newly established JV will emphasize on renewable energy projects. This marks a key milestone in Oil India’s transition towards green energy.

At around 11.24 AM, Oil India was trading 0.33% higher at ₹395.95 per share, against the previous close of ₹394.65 on NSE. The counter touched an intraday high and low of ₹396.30, and ₹393.35, respectively.

The company said in its filing with the bourses that the board has granted approval for two proposals. This includes creation of a joint venture, and transfer of Oil India’s existing renewable energy assets to its wholly-owned subsidiary namely OIL Green Energy Limited.

The company will transfer these assets at the book value that is existing on the closing date of their respective power purchase agreements. This falls in line with the provisions of an upcoming business transfer agreement.

With the establishment of this joint venture, Oil India could be able to bolster its foothold in the renewable energy sector, majorly in solar and wind projects amidst government’s push for faster adoption of clean energy.

In its results for June quarter, the company posted a mixed set of numbers with a 44.70% sequential increase in its net profit at ₹1,896 Crore.

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