IOC to float arm for low carbon energy business
NEW DELHI: State-run Indian Oil Corporation on Wednesday said it will set up a wholly-owned subsidiary to consolidate all new and low-carbon energy businesses under a single umbrella to speed up net its zero journey.
“We plan to offer a diverse portfolio of both molecules and electrons. While we look to diversify our existing petroleum and gas product offerings, we will consolidate our green assets under one vertical,” company chairman S M Vaidya said at an industry function coinciding with the announcement.
“Our vision is to establish IndianOil as one of India’s leading Integrated green energy and decarbonisation majors offering products across biofuels, renewables, green hydrogen and new low-carbon value chains, including CCUS (carbon capture, utilisation and storage),” he said.
