Indian Oil reveals massive Rs 52150000000 plan, to invest Rs 13040000000 in…

Indian Oil Corporation, India’s biggest refiner and fossil fuel retailer has revealed a massive Rs 5215 crore investment plan. As per a report by the Economic Times, Indian Oil is planning to spend Rs 52150000000 to build 1 gigawatt (GW) of renewable energy capacity in the country. According to stock exchange filing, Indian Oil’s board has approved the investment plan that involves setting up standalone ground-mounted solar or standalone onshore wind or wind-solar hybrid projects in a phased manner.

An equity investment of Rs 1304 crore by India Oil is also part of the massive plan. The organisation aims to move the renewable energy business under a wholly-owned subsidiary.

Over the past few years, Indian Oil has started to boost its presence outside the oil and gas business. The company has been slowly venturing in solar, wind, hydrogen, and electric vehicle charging. The giant is also planning to add EV charging facilities at 10,000 fuel stations. For those who are unaware, it has already rolled out EV battery-swapping facilities in the Delhi-NCR region.

The company also recently signed a preliminary pact with Panasonic to build a joint venture to manufacture lithium-ion cells, to serve two- and three-wheelers.