Indian Oil Presents its Non-oil Business Plan

By siliconindia  |  Monday, 22 July 2024, 12:22:27 PM IST

Indian Oil Presents its Non-oil Business Plan

Indian Oil introduces a plan of adding renewable and batteries to its portfolio. The company has been trying to improve its non-oil business for years, by investments in petrochemicals and natural gas, also to taking part in the fight for better climate. Indian oil is a state run company, which is the country's largest oil refiner and retailer is set to boost natural gas sales.

Indian Oil Corp aims to boost natural gas sales threefold and renewable energy capacity to 31 GW by 2030, besides building 5 GWh of lithium-ion battery-making capacity by 2031 as it expands its energy offerings. Indian Oil has a planned agreement with Japan's Panasonic Energy to discover opportunities for producing lithium-ion battery cells in India.

"With a vision to propel 'Make in India' for the world, the JV plans to establish a one GWh capacity factory by 2027, with an ambitious expansion to 5 GWh by 2031",said chairman Shrikant Madhav Vaidya  in the company's FY24 annual report. "This collaboration aims to position India as a global hub for advanced battery technology, supporting the nation's transition to sustainable energy and transportation solutions." he added.

Indian Oil is also betting on battery swapping facilities and adding electric vehicle charging centres, capitalising on its wide network of fuel retail openings.The company aims to continue its expansion of primary fossil fuel business as it supposes domestic oil demand to grow over the next decade. It is set to improve 17 million tonnes per annum (MTPA) capacity, backed by expansions at Barauni (6 to 9 MMTPA), Panipat (15 to 25 MMTPA) and Vadodara (13.7 to 18 MMTPA) refineries.

"We are betting big on the promising pathway of battery swapping solutions, particularly for the two and three-wheeler segment, with plans to expand this avenue for heavy-duty vehicle applications," Vaidya said. "This approach envisions to be a game changer for the sector." Indian Oil aims to build renewable energy capacity of 31 GW by 2030, primarily through solar and wind projects, Vaidya said.

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