The Board of Indian Oil on Friday approved the rights issue. The details will be announced later. The government plans to infuse Rs 30,000 crore worth of equity into Indian Oil, Bharat Petroleum (BPCL), and Hindustan Petroleum (HPCL). Indian Oil and BPCL have chosen the rights issue for the capital infusion while HPCL will likely use the preferential allotment route. BPCL’s board has approved a rights issue of up to Rs 18,000 crore.
Indian Oil’s board has also approved the setting up of an equal joint venture with Sun Mobility. Singapore for battery swapping business in India, as per the regulatory filing on Friday. Indian Oil will make an equity investment of Rs 1,800 crore in the joint venture till 2026-27.
The board has also approved an investment of $78.31 million in IOCL Singapore Pte. Ltd., a wholly owned subsidiary of Indian Oil, for the acquisition of preference shares and warrants of Sun Mobility.
Indian Oil and other state-run refiners are beefing up their green agenda with plans to set up renewable power plants, biofuel facilities, and electric vehicle charging stations.
The capital infusion by the government would strengthen the green ambitions of all three companies, which already have set net-zero targets and drawn up a detailed roadmap to cut emissions.
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