The state-run company said in a stock exchange filing on Tuesday that its board has approved the investment plan, which would involve setting up "standalone ground-mounted solar or standalone onshore wind or wind-solar hybrid projects" in a phased manner. The plan entails an equity investment of INR 1,304 crore by Indian Oil.
The company plans to house its renewable energy business in a wholly owned subsidiary.
Indian Oil Corp is beginning to expand its presence beyond oil and gas by venturing into solar, wind, hydrogen and electric vehicle (EV) charging. It has plans to offer EV charging facilities at 10,000 fuel stations and has rolled out EV battery-swapping facilities in the national capital region.
Recently, the company signed a preliminary pact to build a joint venture with Japan's Panasonic to manufacture lithium-ion cells, to serve two- and three-wheelers.
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