Indian Oil Corporation (IOC) has achieved a record financial performance for the fiscal year 2023-24, marking a significant milestone in its over six-decade history. The company reported a net profit of Rs 239,619 crore, a substantial increase from Rs 8,242 crore in the previous year, reflecting an exceptional year of operations.
Aligning with its vision for a greener future, IOC has decided to establish a wholly-owned subsidiary to focus on low-carbon, clean, and green energy business, with an equity investment of Rs 1,304 crore. As part of its sustainable energy vision, IOC plans to establish 1 gigawatt (GW) of renewable energy capacity nationwide, investing Rs 5,215 crore.
In addition, IOC is strengthening its electric vehicle (EV) mobility infrastructure by setting up charging points and battery-swapping facilities at its fuel stations. The company has also signed a binding term sheet with Panasonic Group to form a joint venture for manufacturing cells in India, aiming to meet the growing demand for lithium-ion batteries for mobility and energy storage systems.
These investments highlight IOC’s commitment to diversifying its energy mix and supporting India’s green energy transition. The company remains dedicated to delivering comprehensive energy solutions that propel the nation forward.
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