Indian Oil Corporation (IOCL), India’s largest oil marketing company, is planning to set up a new company to house its alternative energy businesses, according to sources aware of the development. IOCL is already present and has ambitious expansion plans in biofuel, biogas, green hydrogen, EV mobility and EV batteries, among others.
It is venturing into green hydrogen production and is targeting 5% of 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,” said an industry official aware of the matter. IOCL declined to comment on the development.
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.
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