Indian Oil Putting Forward Renewable Business under New Unit

Indian Oil’s renewable energy profile presently at the position of 239 MW, which is being extensive through new wind, solar, hydel and pumped hydro projects.

March 16, 2023. By EI News Network

State-own Indian Oil Corporation Ltd proposes to establish an independent vertical for its renewables business unit.

In a governance registration, the organization mentioned its board of directors approved the layout of an entirely-owned subdivision to function in the department of low carbon new, clean and green energy businesses.

The planned WoS will concentrate and follow Indian Oil’s low carbon and green energy business to fulfil the functional needs of the net zero target and beyond.

Shrikant Madhav Vaidya, CMD of Indian Oil said: “While we look to diversify our existing Petroleum and Gas product offerings, we will consolidate our green assets under one vertical."

He said that in order with its for consideration of net zero target by 2046, the energy main targets to a profile of 3 GW renewable energy and 0.6 million metric tonnes biofuels by 2025 and 200 GW renewable energy, 7 MMT biofuels and 9 MMT biogas by 2050.

Indian Oil’s renewable energy profile presently at the position of 239 MW, which is being extensive through new wind, solar, hydel and pumped hydro projects.

He also expressed about the tie up with ReNew Power Private Limited (ReNew) and Larson & Toubro Limited (L&T) for green hydrogen business.

Indian Oil R&D hub division is also fully aligned towards evolving low-carbon technologies and products.

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