Indian Oil incorporates new unit for clean energy bizz

16 Mar 2023 , 02:57 PM

Indian Oil Corporation, the country’s largest refiner and retailer of fossil fuels, has decided to consolidate all of its green energy businesses into a wholly owned unit with the goal of rapidly growing it.

Indian Oil’s chairman, S M Vaidya, stated that the company aims to give a strong boost to its green initiatives and consolidate its current green assets. By doing so, Indian Oil can focus on establishing green businesses at a commercial scale through efficient collaboration.

However, creating a subsidiary to achieve this goal will need approval from both Niti Aayog and the disinvestment department.

The company intends to become one of India’s leading integrated green energy and decarbonization companies, offering products such as biofuels, renewables, green hydrogen, carbon offsets, and carbon capture, utilization, and storage (CCUS).

Indian Oil currently meets 9% of the country’s energy needs, with the goal of increasing this share to 12% by 2030.

Indian Oil currently has 239 MW of renewable energy capacity. The company has nearly 21,000 solar-powered pumps. It is also constructing 4,700 charging stations and 66 battery swap stations.

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