In a filing to the exchanges, the company said the board had cleared two key proposals: the creation of the 50:50 joint venture with RRVUNL, and the transfer of Oil India’s existing renewable energy assets to its wholly-owned subsidiary, OIL Green Energy Ltd.
The assets will be transferred at book value on the closing date of their respective power purchase agreements, in line with the provisions of a forthcoming business transfer agreement.The joint venture with Rajasthan’s state power utility is expected to strengthen Oil India’s foothold in the renewable energy sector, particularly in solar and wind projects, as the government pushes for faster adoption of clean energy.
The announcement comes after a mixed set of earnings in August. For the quarter ended June 30, 2025, Oil India reported a 44.7% sequential rise in net profit to ₹1,896 crore, up from ₹1,310 crore in the preceding quarter. The increase was aided by higher other income and lower expenses.
However, revenue from operations fell 10% quarter-on-quarter to ₹7,928 crore, compared with ₹8,808 crore in Q4 FY25, reflecting weaker crude and natural gas realisations. EBIDTA fell nearly 18% sequentially, while operating margins narrowed to 29.6% from 32.4% in the previous quarter.
Shares of Oil India closed 0.93% higher at ₹394.35 apiece on the NSE on Thursday.
