Indian Oil approves Rs 16.6 billion investment in NGEL

The Indian Oil Corporation Limited Board has approved Rs 16.6 billion investment, securing a 50 per cent stake in the joint venture with NTPC Green Energy Limited for development of renewable power plants. NGEL will set up clean energy-based power projects, including solar PV and wind, in order to fulfill the round-the-clock power demands of Indian Oil refinery’s upcoming projects. This collaboration represents a significant stride in India’s shift towards cleaner and more eco-friendly sources of energy.

In September 2023, Indian Oil Corporation Limited (IOCL) issued a request for proposal to appoint a technical consultant to seek project management and consultancy services for the development of renewable energy projects. The projects will be located at various locations across India.

In August 2023, IOCL forayed into producing green hydrogen with a plant with an annual capacity of 10 kilo tonnes per annum in Panipat.