Indian Oil Corporation Limited will form a wholly owned subsidiary to undertake low carbon, new, clean and green energy businesses.

The Board of Indianoil at its meeting held on 14th March, 2023 has accorded approval for formation of a wholly owned subsidiary (WoS) in India subject to the approval of NITI Aayog, DIPAM etc. to operate in the domain of low carbon, new, clean and green energy businesses.

The proposed subsidiary will focus and pursue Indianoil’s low carbon and green energy business to meet the operational requirements of the Net Zero target and beyond.