Indian Oil Corporation, one of the biggest multinational oil companies in India, is under the “Ministry of Petroleum and Natural Gas. Headquartered at New Delhi, this is the largest government-owned oil producer and is ranked 94th among the world’s biggest corporations. The company aims to boost production of natural gas and increase the efficiency of renewable energy up to 31 GW by 2030.
The country’s largest oil refinery has been working for years to set up a non-oil business plan. For this, the company has increased its investments in natural gas and petrochemicals. Although the company has emphasized adding sustainable energy resources and lithium-ion batteries to deal with frequent climate-changing patterns, Moreover, a mutual agreement was made with Japan’s Panasonic Energy in order to explore opportunities for the development of lithium-ion battery cells in India.
The joint venture was established with the vision of promoting ‘Make in India’ globally. While analyzing the company’s annual report for the financial year 2024, chairman Shrikant Madhav Vaidya said that the company itself has planned to establish one GWh factory by 2027, including an expansion up to 5 GWh in the year 2031.
The objective of this alliance is to locate India as a global hub for advanced battery technology, which will indirectly contribute to the nation's transformation to sustainable energy and transportation solutions. However, the company is adding various electric vehicle charging centers in order to expand the avenue. The multinational company is also bidding on exchange battery solutions, especially for two- and three-wheelers. The approach of acquiring exchange batteries for vehicles will become a game changer for the sector. Primarily, with the use of solar and wind energy projects, it will aim to build 31 GW of renewable energy capacity by the year 2030.
Although the company would likely expand the business of primary fossil fuels, it was expecting an increase in demand for domestic oil production over the years. Moreover, the company is all set to include about 17 million tons of renewable energy capacity per year at different refineries in Barauni, Vadodara, and Panipat.