Formation of JV Company for setting up 100 KTPA HEFA based sustainable Aviation Fuel Project at Paradip.
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Indian Oil Corporation's Board has approved formation of a 50:50 Joint Venture with M11 Energy Transition Pvt. Ltd. for setting up a 100 KTPA HEFA-based Sustainable Aviation Fuel (SAF) plant at Paradip. The estimated project cost is Rs. 1,063.60 crore with a variance of ±30%. The JV is subject to approvals from NITI Aayog and DIPAM. This represents IndianOil's entry into the sustainable aviation fuel segment using Hydroprocessed Esters and Fatty Acids technology.
Positive signal for IndianOil as it diversifies into green energy and sustainable aviation fuel, aligning with global decarbonisation trends. The JV structure shares capital burden while positioning the company in a growing alternative fuels market.