The state-owned refiner and oil marketing company is also working in alternative energy areas to provide renewable energy solutions such as 2G ethanol from agri waste, fuel cell technology for automobiles, biodiesel production from solar power, and energy storage devices.
It is venturing into green hydrogen production and is targeting 5 per cent of hydrogen produced by it as green hydrogen by 2027-28 and 10 per cent by 2029-30. “The new company will be formed next year. Discussions are in advanced stages with FIIs and other stakeholders on formalising a structure for the company,” said an industry official aware of the matter. IOCL declined to comment on the development.
The state-owned refiner and oil marketing company is also working in alternative energy areas to provide renewable energy solutions such as 2G ethanol from agri waste, fuel cell technology for automobiles, biodiesel production from solar power, and energy storage devices.
“A separate company will not only bring in better valuation for IOCL’s renewable assets but also allow the company to rope in strategic partners and monetise assets easily, something it has not been able to do in other segments,” said the second official aware of the development.
IOCL’s installed capacity of renewable energy stood at 237.42 MW as of March 2022, which included 167.6 MW of wind capacity and 69.82 MW of solar photovoltaic (PV) capacity.
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