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Indian Oil Goes Green: Oil Giant Invests Big in Renewable Energy Subsidiary

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:  IOC is establishing a wholly-owned subsidiary focused on low-carbon, clean, and green energy solutions.

  • Investing in the Future:  The company has approved an investment of Rs 1,303.75 crore to establish this new venture.

  • Power Play:  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:  The 1 GW target will be achieved in stages, ensuring a strategic and efficient rollout.

  • Estimated Cost:  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.

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