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.
Strategic Partnerships
* Recently, IOC signed a preliminary pact with Panasonic to establish a joint venture for manufacturing lithium-ion cells, catering to the two- and three-wheeler market.
* Additionally, a joint venture with Isr IOC arm is in progress to bolster the renewable energy capacity, underscoring IOC’s commitment to sustainable energy solutions.
Path to Net-Zero
* IOC aims to achieve net-zero operational emissions by 2046, demonstrating its commitment to environmental sustainability and combating climate change.
* The formation of a new subsidiary in the green energy segment is underway, subject to regulatory approvals, to support IOC’s net-zero targets and renewable energy initiatives.
