Indian Oil Corp, the nation’s largest refiner and fossil fuel retailer, has decided to consolidate all its green energy businesses into a wholly owned unit with an aim to grow it at a rapid scale.
“To give a definite fillip, Indian Oil shall pursue green initiatives with a definitive focus while consolidating all existing green assets. This will enable the company to focus on rapidly building commercial scale green businesses through effective collaboration,” Indian Oil chairman S M Vaidya said. Setting up the subsidiary would require the approval of Niti Aayog and the disinvestment department.
