Oil India, RRVUNL Form JV for Renewable Energy in Raj

• OIL and RRVUNL to form a 50:50 JV for renewable projects in Rajasthan
• 188 MW renewable assets moved to new arm, OIL Green Energy Ltd
• Partnered with BPCL for city gas distribution in Arunachal Pradesh

Oil India Ltd (OIL) is continuing with its clean energy tilt with a new joint venture with Rasjathan's government owned power utility, Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL), to develop renewable power in the state. The OIL board also confirmed, via regulatory filing, that they approved creating a 50:50 joint venture with RRVUNL to develop renewable energy projects in Rajasthan.

This move underscores an ongoing trend of public sector undertakings (PSUs) working together to boost Indian renewable energy production. In many cases, these joint ventures and MoU across power have remained unwieldy, and remain still.

In addition, OIL’s board granted approval to transfer its renewable energy portfolio to OIL Green Energy Ltd, a subsidiary of OIL established in January 2025 as a leader in non-conventional energy various available opportunities.

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Currently OIL has the ability to generate over 188 MW of renewable capacity which comprises of approximately 174 MW wind and 14 MW solar projects across the states of Rajasthan, Madhya Pradesh, Gujarat, and Assam. The new subsidiary has been granted a much wider mandate and scope to seek opportunities in wind, solar, hydro, tidal, geothermal, biomass, waste to energy, and hybrid projects.

The company is also expanding its gas distribution network. Last month OIL formed a joint venture with Bharat Petroleum Corporation Ltd (BPCL) in Arunachal Pradesh to develop a city gas distribution network, including, CNG stations and PNG supply for homes, commercial customers, and industries.

In his message in the annual report for FY25, OIL Chairman and Managing Director Ranjit Rath stated that OIL’s long-term roadmap is firmly anchored in accelerating the clean and green transition. OIL’s growth engine will be investments in renewables, green hydrogen, biofuels, and compressed biogas.

In terms of reported performance, OIL's Q1 FY26 consolidated net profit was INR 2,046.51 crore, which represented a 1.5 percent year-on-year increase, while total income fell 6 percent, to INR 9,005.62 crore.