IOC may set up a new company for its green energy businesses

1 Dec 2022 , 11:10 AM

According to individuals informed of the initiative who talked to ET, Indian Oil Corporation (IOCL), India’s largest oil marketing corporation, intends to establish a new company to house its alternative energy operations.

In addition to other areas, IOCL is actively active and has ambitious expansion ambitions in the fields of EV mobility, biofuel, biogas, green hydrogen, and EV batteries.

It is attempting to manufacture green hydrogen, and by 2027—2028, it plans to produce 5% and 10% of its hydrogen, respectively, as green hydrogen. The new business will launch the following year. The report noted that formal structuring discussions with FIIs and other stakeholders are well along.

The government-owned refiner and oil marketing firm is also engaged in the alternative energy sector to offer sustainable energy solutions like 2G ethanol from agricultural waste, fuel cell technology for cars, biodiesel synthesis from solar power, and energy storage devices.

As of March 2022, IOCL had 237.42 MW of installed renewable energy capacity, including 69.82 MW of solar photovoltaic (PV) capacity and 167.6 MW of wind capacity.

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