IOC is on the lookout for sites to set up solar and wind power projects in states like Rajasthan and Tamil Nadu

INDIAN Oil Corporation (IOC) will spend Rs 2,000 crore over the next five years to develop power projects based on alternative sources of energy like tides, solar, nu clear and wind. "These (alternative sources of energy) are potential opportunities coming.IOC as an inte grated energy company needs to capture them," IOC chairman Brij Mohan Bansal said. The company has set aside Rs 2,000 crore for newer portfolios such as solar, wind and nuclear en ergies among others, the chairman said. IOC is on the lookout for sites to set up solar and wind power projects in states like Rajasthan and Tamil Nadu. At present, it operates a 61mw wind power facility in Kandla. The power generated is used for captive utilisation in its refineries. On a later date, IOC plans to com mercially market the power. "Diversifying into newer alternate energy portfolios will not have much impact on firm's revenues at this stage. But it will add to the bottom line in 10-15 years from now," Dilip Khanna, partner (oil and gas practices) at Ernst & Young.
IOC to spend Rs 2,000 cr on alternative energy
..Siddhartha P Saikia / Financial Chronicle













Looking into the future, India must look at alternative sources of energy, said RS Pandey, for mer petroleum secretary. "We must find a substitute to crude oil in the long run.

Alternate sources of energy such as solar, wind must be developed," Pandey added. Meanwhile, IOC will form a JV for its nuclear ini tiative with Nuclear Power Corporation of India in next two months, Bansal said. The IOC scrip surged 1.35 per cent and closed at Rs 376.20 at the BSE.