IOC plans to establish a new company for green energy

Indian Oil Corporation Limited (IOCL) is, reportedly, planning to establish a new company for its alternative energy businesses.

IOCL is already present and has expansion plans in biofuel, biogas, green hydrogen, electric vehicle (EV) mobility, and EV batteries, among others. IOCL is also venturing into green hydrogen production with a target of 5 per cent hydrogen to be produced by it as green hydrogen by 2027-28 and 10 per cent by 2029-30. The new company is set to be formed next year. The 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 new company will add value to the company’s renewable assets and help the company rope in new strategic partners to monetise assets.