Indian Oil Corporation announces Rs 1,063.60 crore joint venture for sustainable aviation fuel project

Yash Agarwal — Mon, 18 May 2026 16:18:43 +0000

Indian Oil Corporation (IOC) has announced the formation of a 50:50 joint venture with M11 Energy Transition Pvt. Ltd. to establish a sustainable aviation fuel project in Paradip. The project, based on Hydroprocessed Esters and Fatty Acids (HEFA), is estimated to cost ₹1,063.60 crore, with a potential variance of ± 30%. The approval for this joint venture was granted by the Board of IndianOil during its meeting on 18th May 2026. The project is subject to the approval of NITI Aayog, DIPAM, and other relevant authorities. The meeting of the Board of Directors commenced at 4:00 PM and concluded at 9:30 PM. This initiative marks a significant step towards sustainable fuel solutions in India, aligning with global trends in reducing carbon emissions in the aviation sector.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

M11 Energy Transition Pvt. Ltd. | Business Upturn

Indian Oil Corporation announces Rs 1,063.60 crore joint venture for sustainable aviation fuel project