Indian Oil Corporation to infuse Rs 1,303 crore into green arm

NEW DELHI: Indian Oil Corporation will infuse over Rs 1,303 crore in its green energy subsidiary for setting up 1,000 MW solar/wind power capacity at an estimated cost of Rs 5,215 crore, even as the company’s March quarter profit more than halved to Rs 4,838 crore from a year ago on reduced refining margin and a pre-poll fuel price cut. India’s largest refiner and fuel retailer, however, closed FY24 with its highest-ever net profit of Rs 39,619 crore — a 63% increase over Rs 24,184 crore in 2021-22.The annual profit benefited from the nearly two years of freeze on pump price revisions amid a fall in global oil prices.