(ET)
Indian Oil Corporation (IOC), the nation’s largest refiner and fossil fuel retailer, plans to invest Rs 25,000 crore in green energy projects, including solar and wind power plants, bio-fuels plants, and solar panels at filling stations. “Indian Oil has developed a road map and action plan to usher in clean and green energy alternatives to mitigate the risk of global warming,” the company said in its annual report.
Rising environmental concerns are increasingly swaying government energy policies across the globe, prompting energy companies to invest in greener options. Over the next 5-7 years, Indian Oil aims to invest Rs 2 lakh crore to “evolve into a future-ready corporate that provides comprehensive energy solutions to diverse user groups”, company chairman Sanjiv Singh said in the annual report. “Indian Oil is aggressively leveraging its R&D expertise to move into horizon technologies like 2G & & 3G (second and third generation) ethanol, biofuels, coal gasification, hydrogen-CNG, hydrogen fuel cells, battery technologies, etc.,” he said.
