Oil India Ltd, a state-owned enterprise (OIL), has made a remarkable move towards increased presence in the renewable energy sector with a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL). According to the regulatory filing of the company on Thursday, the board of the company has given the go-ahead to the establishment of the joint venture with the Rajasthan state-owned power utility in the ratio of 50:50 to develop clean energy projects in the state.
Renewable Assets Transferred to subsidiary
Similarly, the board also granted authority to transfer all existing renewable energy assets to OIL Green Energy Ltd., a 100 percent-owned subsidiary that was set up in January 2025. The entity was established in order to have the non-conventional energy activities of the company that include solar, wind, hydro, tidal, geothermal, biomass, wave, waste and hybrid energy sources.
Oil India states that the company now has an installed renewable energy capacity of 188.1 MW, including 174.1 MW of wind and 14 MW of solar power, and it has projects located in Rajasthan, Madhya Pradesh, Gujarat and Assam. This diversification is consistent with the larger India by 2070 net zero carbon emissions pledge.
Expansive Clean Energy Plan.
This announcement comes after another major alliance had been established last month, with Oil India and Bharat Petroleum Corporation Ltd. (BPCL) also deciding to create a joint venture to develop a gas distribution network in Arunachal Pradesh. It will involve CNG stations and PNG to domestic, commercial and industrial customers.
In the annual report message of FY25, Chairman and Managing Director Ranjit Rath once again emphasized the long-term goal of packing in the shift to clean and green energy by strategic investments in renewable energy sources, green hydrogen, biofuels, and compressed biogas.
Q1 FY26 Financials
In the first quarter of FY26, the net profit of Oil India stood at a consolidated 2,046.51 crore, which is an increment of 1.5% over that of the prior quarter of the previous year, 2,016.30 crore. Nevertheless, the total income decreased by 6 percent to 9,005.62 crore in comparison to 9,581.78 crore in the previous year.
