Indian Oil Okays ₹1,086 Cr Additional Investment In Terra Clean

Indian Oil Corporation Ltd has approved an additional equity investment of ₹1,086 crore in its wholly owned subsidiary Terra Clean Ltd to develop 4.3 GW of renewable energy capacity, the company said in a regulatory filing.

The fresh investment supplements the ₹1,303.75 crore previously sanctioned for developing 1 GW of renewable capacity through Terra Clean, which was incorporated in 2023. “The board, at its meeting held on April 30, 2025, approved the equity investment for setting up 4.3 GW of RE capacity over and above the already approved 1 GW,” Indian Oil said.

The company said the move aligns with its clean energy roadmap, with Terra Clean serving as the key vehicle for building a diversified low-carbon portfolio in India.

Renewables Target

Indian Oil plans to build a 31 GW renewable energy portfolio by 2030, aiming to meet its captive power needs and cater to emerging market opportunities. Terra Clean will play a central role, investing in advanced technologies to support a sustainable energy ecosystem.

“See, you are fully on track that we have a target of 31 gigawatts,” said Anuj Jain, Director (Finance), Indian Oil Corporation. “We will be doing this capacity along with our JV partners, and also achieving the target through mergers and acquisitions.”

He added that 6–7 GW will be developed organically, while the remaining capacity will come through joint ventures and inorganic growth.

JV and Expansion Strategy

Jain noted that Indian Oil has already signed a joint venture agreement with NTPC Green and is in talks with other renewable companies. “The tender for 1 gigawatt is already out. For another 4-gigawatt, work is in progress,” he said.

Indian Oil began its renewables journey two years ago and is pursuing a multipronged strategy to meet its 2030 goals, including MOUs, partnerships, and acquisition-led growth.