Indian Oil Corp to set up new company for alternative energy biz
State-owned Indian Oil Corporation (IOCL) is planning to set up a new company to house its alternative energy businesses, Economic Times (ET) reported on December 1 citing sources aware of the development.
IOCL is planning to expand in segments such as biofuel, biogas, green hydrogen, EV mobility and EV batteries, among others. The company is venturing into green hydrogen production and is targeting 5% of the hydrogen produced by it as green hydrogen by 2027-28 and 10% by 2029-30.
“The new company will be formed next year. Discussions are in advanced stages with FIIs and other stakeholders on formalising a structure for the company," an industry official aware of the matter told ET.
IOCL's installed capacity of renewable energy stood at 237.42 MW as of March 2022, which included 167.6 MW of wind capacity and 69.82 MW of solar photovoltaic (PV) capacity.
The company is developing a large green hydrogen plant at its Mathura refinery located in the state of Uttar Pradesh.