The board of directors of Indian Oil Corp. has approved an investment of Rs 5,215 crore to build 1 gigawatt of installed renewable energy capacity in the country.
The project involves setting up “standalone ground-mounted solar or standalone onshore wind or wind-solar hybrid projects," the company said in an exchange filing on Tuesday.
The board has also approved an investment of Rs 1,303.75 crore as equity in the aforesaid proposed project, it said.
Shares of IOC closed 3.79% lower at Rs 170.10 apiece on the BSE, compared to a 0.25% fall in the benchmark Sensex.
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