Indian Oil Corporation Ltd. (IOCL) has announced board approval for an additional equity investment of ₹1,086 crore in its wholly owned subsidiary Terra Clean Ltd., to set up 4.3 GW of renewable energy (RE) capacity, according to a regulatory filing on Wednesday.
The move builds on the company’s earlier sanctioned investment of ₹1,303.75 crore for 1 GW RE capacity, which was approved in March 2023 and April 2024. With this latest approval, Indian Oil’s total planned RE capacity through Terra Clean now stands at 5.3 GW.
The board meeting to approve the investment was held on April 30, 2025, and concluded at 2:40 PM.
Terra Clean Ltd. was set up as Indian Oil’s clean energy arm, reflecting the Maharatna PSU’s growing focus on energy transition and carbon neutrality. The expanded investment underlines Indian Oil’s commitment to aligning with India’s long-term renewable energy goals and diversifying its energy mix beyond traditional hydrocarbon-based fuels.
