New Delhi, May 1 (KNN) Indian Oil Corporation (IOC), the nation's largest oil refining and fuel marketing company has approved investment of over Rs 6,500 crore to set up 1 gigawatt (GW) of renewable energy capacity in a major push towards renewable energy. 

In a meeting held on April 30th, IOC's board gave the green light to implement 1 GW of installed renewable energy capacity. 

This will comprise a mix of ground-mounted solar projects, onshore wind projects, and wind-solar hybrid projects.

The total approved cost for this renewable energy portfolio is Rs 5,215 crore, including taxes and duties. 

The projects will be executed in a phased manner through a proposed wholly-owned subsidiary focused on low carbon, clean and green energy businesses.

Additionally, the board approved an equity investment of Rs 1,303.75 crore in this new subsidiary to fund the 1 GW renewable capacity implementation.

This move by Indian Oil is in line with India's target of achieving 500 GW of non-fossil fuel based installed electricity capacity by 2030. 

It also aligns with IOC's objectives of diversifying into sustainable energy sources and reducing its carbon footprint.

Industry observers lauded the decision as a positive step towards India's clean energy transition and IOC's long-term business sustainability.

(KNN Bureau)