Board of Indian Oil approves formation of wholly-owned subsidiary to promote green energy

New Delhi: State-owned Indian Oil Corporation Limited (Indian Oil) said in a regulatory filing on Wednesday that its board has approved for formation of a Wholly Owned Subsidiary (WoS) in India, subject to approval of NITI Aayog, DIPAM etc to operate in the domain of low carbon, new, clean and green energy businesses. The board took this decision in a meeting which was held on Wednesday.

WoS will help Indian Oil to meet net zero target

Further, the filing also noted that "the proposed WoS will focus and pursue Indian Oil’s low carbon and green energy business to meet the operational requirements of the net zero target and beyond."

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