Correct Answer : Rs 5,215 Crore
Indian Oil Corporation (IOC) has announced a significant investment of Rs 5,215 crore to develop 1 gigawatt (GW) of renewable energy capacity in India. This strategic move aligns with IOC’s broader diversification strategy beyond traditional oil and gas ventures.
Investment Plan
* The investment plan, approved by the board, focuses on establishing standalone ground-mounted solar, onshore wind, or wind-solar hybrid projects.
* IOC will inject
Rs 1,304 crore in equity for this initiative.
* The projects will be implemented through a proposed wholly-owned subsidiary dedicated to low-carbon, clean energy ventures.
Expansion Beyond Oil and Gas
* Indian Oil Corp is actively expanding its footprint beyond oil and gas, venturing into
solar,
wind,
hydrogen, and
electric vehicle (EV) charging infrastructure.
* Plans are underway to provide EV charging facilities at
10,000 fuel stations, alongside the rollout of
EV battery-swapping facilities in key regions.