Indian Oil Corporation Ltd. (IndianOil) the nation’s largest corporate and its highest ranked Fortune ‘Global 500’ company reported its performance for the year 2009-10 a couple of days back. During the year 2009-10, in which the company celebrated its Golden Jubilee, IndianOil’s ranking improved from 116th to 105th in the prestigious Fortune Global 500 listing.
The highlight has been a new vision that was adopted by the Corporation with an aspiration to emerge as the Energy of India and realign the company’s strategy in the light of emerging challenges in the future.
As a part of this endeavour, the company has announced diversification into numerous areas including Bio-fuels and Wind that will be of interest to readers of Panchabuta.
IndianOil has announced that it has the largest captive plantation for bio-fuel production in India with an extend of about 4800 acres, which is underway in Chattisgarh and Madhya Pradesh, generating rural employment of over 1.4 lakh man days.
IndianOil has also entered into a partnership with Ruchi Soya Industries Ltd., a leading manufacturer of high quality edible oils, to establish a model value chain for the production of bio-diesel in the State of Uttar Pradesh. Ruchi Soya is a company where serial investor Mr. C Sivasankaran’s Siva Ventures has invested about $48 million USD.
IndianOiI has forayed into wind energy business with the commissioning of a 21 MW wind power project in the Kutch district of Gujarat and the cumulative power generation from the 14 wind turbine generators has crossed 6 crore units(KWHR) since commissioning in January 2009.
IndianOil has also launched Solar Lanterns in Orissa, Karnataka and North East states and an all-India phased roll out is being planned.
A number of manufacturers of off grid solar applications including the solar lanterns have entered into distribution tie ups with corporations like IndianOil which has a vast distributor network pan India including rural and NE states.
Just recently, MIC electronics which planned to supply 330,000 solar lanterns to BTEGS announced that they would make use of IndianOil’s distribution network in rural Bihar.