Indian Oil will form a new subsidiary to operate its renewable energy projects. Credit: zhengzaishuru/Shutterstock.com.

State-owned oil and gas company the Indian Oil Corporation has announced an investment of Rs52.15bn ($624.7m) to develop 1GW of renewable energy capacity in India.

The initiative, approved by the company’s board, will be directed towards establishing standalone ground-mounted solar or onshore wind or wind-solar hybrid projects in a phased approach.

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The state-run enterprise will allocate Rs13.04bn in equity for the venture, with plans to operate its renewable energy business through a wholly owned subsidiary.

The phased development is part of Indian Oil’s broader strategy to diversify its energy portfolio, which has traditionally been focused on oil and gas.

Expanding its energy offerings, Indian Oil is moving into the solar, wind, hydrogen and electric vehicle (EV) charging sectors.

The company aims to provide EV charging stations at 10,000 of its fuel stations and has already introduced EV battery-swapping facilities in the national capital region.

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In March 2024, Indian Oil entered into a preliminary agreement with Japan’s Panasonic to explore a joint production of lithium-ion cells for two and three-wheelers.

The collaboration with Panasonic is currently undergoing a feasibility study, to leverage battery technology to support India’s transition to clean energy.

The partners will give the details of their joint venture by summer 2024.

The investments are not only intended to satisfy domestic energy needs but also to establish a manufacturing supply chain.

In August 2023, the company disclosed a $30bn investment plan aimed at achieving net zero operational emissions by 2046.

It also plans to invest Rs1 trillion to augment its refining capacity, already the largest in the country, by one-third. This expansion will bring its refining capacity to 107 million metric tonnes annually.