Indian Oil Corp (IOCL) plans to invest Rs 5,215 crore in building 1 gigawatt (GW) of renewable energy capacity including standalone ground mounted solar projects or standalone onshore wind or wind-solar hybrid projects.
The company’s board approved the investment plan on Tuesday stating that the projects will be implemented by IOC’s proposed wholly owned subsidiary in the domain of low carbon, new, clean and green energy businesses. .
Additionally, the Board also approved equity investment of Rs 1,303.75 crore in the subsidiary.
