Oil India to Invest Rs 25,000 Crore in Renewable Energy, Plans to Repatriate Dividends from Russia

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Oil India shares traded 4 percent higher on September 15, helped by reports of the state-owned company’s plans to invest Rs 25,000 crore in renewable energy to achieve net zero emissions by 2040.

The company intends to invest Rs 8,000 crore from the said amount for setting up a 2G ethanol plant, apart from the capital needed from transitioning its diesel-fired engines to those of gas.

Oil India is also looking for means to repatriate its dividends worth $150 million from Russia, which have been stuck due to sanctions.

In the April-June quarter, Oil India reported a 41.86 percent year-on-year (YoY) decline in its revenue from operations at Rs 6,208 crore. Net profit for the quarter was down 56.68 percent YoY to Rs 1,399 crore. The operating profit margins contracted by 900 basis points on year to 37 percent.

Oil India is a public-sector company engaged in the business of exploration and production of crude oil and natural gas. The company operates oil fields and gas fields, primarily in India.



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