Oil India to set up subsidiary for green energy foray
Oil India Limited (OIL) has announced the establishment of a wholly-owned subsidiary, OIL Green Energy, to manage its green and alternative energy ventures. The company plans to invest Rs 250 billion by 2040 to diversify into renewable energy and decarbonisation technologies. The subsidiary will oversee initiatives in biofuels, green hydrogen, renewable energy, carbon capture utilization and storage (CCUS), methanol, and geothermal energy. OIL aims for non-fossil fuel energy to constitute 5-7% of its total energy…