Indian Oil Corporation Limited has informed the Exchange regarding 'Formation of Joint Venture Company for setting up 100 KTPA HEFA-based Sustainable Aviation Fuel Project at Paradip'.
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IndianOil's Board has approved formation of a 50:50 Joint Venture with M11 Energy Transition Pvt. Ltd. to set up India's first major Sustainable Aviation Fuel (SAF) plant at Paradip. The project will have capacity of 100 KTPA (kilo tonnes per annum) using HEFA (Hydroprocessed Esters and Fatty Acids) technology. Total estimated project cost is Rs. 1,063.60 crore with a variance of ±30%. The deal is subject to approvals from NITI Aayog and DIPAM. The board meeting lasted from 4:00 PM to 9:30 PM on 18th May 2026.
This JV marks IndianOil's strategic entry into the growing sustainable aviation fuel market, positioning the company to benefit from global aviation decarbonisation trends and regulatory mandates for SAF blending.