Indian Oil Corporation Ltd (IOCL) is making aggressive moves beyond its traditional petroleum business, with strategic diversification into emerging sectors such as data centres, nuclear power generation, shipping, critical mineral mining, and battery manufacturing, according to individuals familiar with the matter.

In its core operations, the country’s largest refiner and fuel retailer is aiming to ramp up its refining capacity to 100 million metric tonnes per annum (mmtpa) and petrochemical production to 13 mmtpa by FY28. This represents a 25% increase from the current 81 mmtpa refining capacity and a more than threefold jump from 4.3 mmtpa petrochemical output.

These initiatives form part of IOCL’s long-term vision to hit $1 trillion in revenue and achieve net-zero operational emissions by 2047. At its recent board presentation titled ‘Imagining Tomorrow’, senior executives laid out the company’s blueprint for expansion across both core and non-core sectors through 2030.

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Natural gas distribution and trading volumes are also projected to more than double from 8 mmt to 16.5 mmt. In green energy, the company is targeting 31 gigawatts of renewable power capacity—an exponential leap from its current 247 MW. Additionally, IOCL plans to establish 80 kilo tonnes per annum (ktpa) of green hydrogen production and five gigawatt hours of lithium-ion cell battery manufacturing.

A company spokesperson confirmed that IOCL is actively exploring all avenues within the energy domain, in alignment with its ‘Energy of India’ vision. The company’s foray into new and alternative energy sectors involves significant capital investments. These projects are being financed through both its balance sheet and dedicated special purpose vehicles (SPVs).

To reduce execution and implementation risks, IOCL is forging strategic partnerships with sector leaders across its new business verticals.

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