Indian Oil Corporation has received approval for formation of a 50:50 Joint Venture (JV) company in India between M11 Energy Transition, and Indian Oil Corporation, at an estimated project cost of Rs 1,063.60 crore (± 30%), subject to approval of NITI Aayog, DIPAM etc. for setting up of 100 KTPA HEFA-based Sustainable Aviation Fuel Project at Paradip.
The Board of Indian Oil Corporation, at its meeting held on May 18, 2026, has approved the same.
Indian Oil Corporation 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.
