Indian Oil Corporation (IOC) has received approval from board of directors 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 proposed WoS will focus and pursue Indian Qil’s low carbon and green energy business to meet the operational requirements of the net zero target and beyond. The board of directors at its meeting held on March 14, 2023 has approved the same.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
