Indian Oil Corp floats new unit for clean energy business

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.