2 May 2024
Indian Oil Corporation (IOC), a major player in the oil and gas industry, is making a big shift towards clean energy!
Their board recently approved a significant investment in a new subsidiary dedicated to renewable energy.
Key Highlights:
New Focus:Â Â IOC is establishing a wholly-owned subsidiary focused on low-carbon, clean, and green energy solutions.
Investing in the Future:Â Â The company has approved an investment of Rs 1,303.75 crore to establish this new venture.
Power Play:Â Â The subsidiary's initial goal is to develop renewable energy projects with a total installed capacity of 1 Gigawatt (GW). This could include a mix of solar, wind, or hybrid wind-solar projects.
Phased Implementation:Â Â The 1 GW target will be achieved in stages, ensuring a strategic and efficient rollout.
Estimated Cost:Â Â The total estimated cost for this initial phase is Rs. 5,215 crore, including taxes and duties.
This move by IOC signifies a major step towards a cleaner energy future for India. It demonstrates the growing importance of renewable energy solutions and IOC's commitment to diversifying its portfolio.