IOC Plans to Boost Renewable Energy to 31 GW by 2030

In a significant move, Indian Oil Corporation (IOC), India's oil refiner and retailer, is set to significantly diversify its energy portfolio by 2030 to align with global climate change initiatives.The company plans to triple its natural gas sales and expand its renewable energy capacity to 31 GW. In addition to this, the IOC aims to establish 5 GWh of lithium-ion battery manufacturing capacity by 2031.

As per reports, IOC and Panasonic Energy of Japan have joined hands to explore the production of lithium-ion battery cells in India, aiming to establish a 1 GWh capacity factory by 2027 and expand to 5 GWh by 2031. Moreover, to leverage its extensive network of petroleum retail outlets, IOC is also investing in battery swapping facilities and adding charging stations for electric vehicles (EVs).

In the IOC's annual report titled ‘Integrated Annual Report 2023–24’, the firm said, “With a vision to propel ‘Make in India’ for the world, the  joint venture  plans to establish a one GWh capacity factory by 2027, with an ambitious expansion to 5 GWh by 2031. This collaboration aims to position India as a global hub for advanced battery technology, supporting the nation’s transition to sustainable energy and transportation solutions.”

Chairman Shrikant Madhav Vaidya highlighted the company's focus on battery swapping solutions, particularly for two- and three-wheelers, with plans to extend this to heavy-duty vehicles.

However, despite its renewable energy push, IOC will continue to grow its fossil fuel business, anticipating a rise in domestic oil demand over the next decade and plans to increase its refining capacity by 17 million metric tonnes per year (MTPA) through expansions at its Barauni, Panipat, and Vadodara refineries.