Rs 5,125 crore investment planned by IOC in building renewable energy capacity
The government of India-owned Indian Oil Corp (IOCL) has plans to invest Rs 5,215 crore to build 1 gigawatt (GW) of renewable energy capacity in the country. As per IOCL involves plan involves setting up “standalone ground-mounted solar or standalone onshore wind or wind-solar hybrid projects” in a phased manner.
This plan entails an equity investment of Rs 1,304 crore by IOCL and the company plans to house its renewable energy business in a wholly-owned subsidiary.
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