Indian Oil Introduce plans to add renewable resource The company has added batteries to its portfolio. Non-oil The company has expanded over the years through investments in petrochemicals and natural gas, and has also joined the fight to improve climate. Indian Oil, the state-owned company that is the country's largest oil refiner and retailer, is looking to expand its natural gas sales.
As it expands its energy supplies, IOC aims to triple its natural gas sales and increase its renewable energy capacity to 31 GW by 2030. It also aims to build 5 GWh of lithium-ion battery manufacturing capacity by 2031. IOC plans to sign a deal with Japan's Panasonic Energy to explore opportunities to produce lithium-ion battery cells in India.
“With a vision to take 'Make in India' globally, the joint venture plans to set up a factory with a production capacity of 1GWh by 2027 and ambitiously scale up to 5GWh by 2031,” chairman Shrikant Madhav Vaidya said in the company's FY24 annual report. “The partnership aims to position India as a global hub for advanced battery technologies and support the country's transition to sustainable energy and transportation solutions,” he added.
Leveraging its extensive fuel retail network, IndianOil is also focusing on setting up more battery swapping facilities and electric vehicle charging centers. The company expects domestic oil demand to grow over the next decade and aims to continue expanding its primary fossil fuel business. The company aims to increase its annual production capacity by 17 million tonnes per annum through expansion of its refineries at Barauni (6-9 million tonnes per annum), Panipat (15-25 million tonnes per annum) and Vadodara (13.7-18 million tonnes per annum).
“We are betting big on the promising avenues of battery swapping solutions, especially in the two-wheeler and three-wheeler sector, with plans to extend this to heavy vehicle applications,” Vaidya said. “This approach is expected to be a game changer for the sector.” IndianOil aims to build 31GW of renewable energy capacity by 2030, mainly through solar and wind projects, according to Vaidya.
