Indian Oil Corporation (IOCL), India’s largest oil marketing corporation, is proposing to establish a new company to house its alternative energy companies. IOCL is already established and has ambitious development ambitions in areas such as biofuel, biogas, green hydrogen, EV mobility, and EV batteries.
It is experimenting with green hydrogen generation, with the goal of producing 5% of its hydrogen as green hydrogen by 2027-28 and 10% by 2029-30. “The new firm will be established next year.” “Discussions with FIIs and other players on formalizing a structure for the firm are in advanced stages,” said an industry official familiar with the situation.
The state-owned refiner and oil marketing corporation is also engaged in alternative energy fields to deliver sustainable energy solutions such as 2G ethanol from agricultural waste, fuel cell technology for vehicles, solar-powered biodiesel manufacturing, and energy storage devices.
A separate company will not only bring in greater valuation for IOCL’s renewable assets, but it will also allow the business to easily rope in strategic partners and monetize assets, which it has not been able to accomplish in other areas. As of March 2022, IOCL had 237.42 MW of renewable energy installed capacity, including 167.6 MW of wind capacity and 69.82 MW of solar photovoltaic (PV) capacity.
This is a Syndicate News Feed; fake checked and edited by Clean-Future Team