Oil India incorporates subsidiary to drive renewable energy initiatives
Oil India announced that it has incorporated a wholly owned subsidiary (WOS), Oil Green Energy in India on 31 January 2025.
Oil India incorporated Oil Green Energy to focus on energy generation through non-conventional/ renewable sources, including wind, hydro, solar, tidal, geothermal, biomass, steam, wave, waste, hybrid or any other form.The company holds 100% shareholding by subscribing to 50 lakh equity shares of Oil Green energy at the face value of Rs 10 each.
Oil India is a state-owned Maharatna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 30 September 2024, the Government of India held 56.66% stake in the company.
The petroleum business companys net profit zoomed 379.29% to Rs 2,016.20 crore in Q2 FY25 as against Rs 420.66 crore in Q2 FY24. Revenue from operations (excluding excise duty) fell 3.32% YoY to Rs 7,247.03 crore in the September 2024 quarter.
The counter rose 0.84% to settle at Rs 421.10 on Friday, 31 January 2025.
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