Oil India and Rajasthan Rajya Vidyut Utpadan Form a Joint Venture for Renewable Energy

Oil India Ltd (OIL) has announced that its board has cleared the formation of a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RRVUNL). Both companies will hold 50% equity in the new entity.

The venture will be set up to develop renewable energy projects. Solar and wind power are expected to be part of its portfolio, in line with India’s broader clean energy targets.

Asset Transfer

In the same meeting, OIL’s board approved the transfer of its renewable energy assets to its wholly owned subsidiary, OIL Green Energy Ltd. The transfer will be executed at book value at the end of existing power purchase agreements under a business transfer arrangement.

Subsidiary Operations

OIL Green Energy Ltd was created to handle renewable projects. Its activities include wind, solar, hydro, biomass, and hybrid energy generation. At present, OIL has 188.1 MW of renewable capacity, comprising 174.1 MW of wind and 14 MW of solar, spread across Rajasthan, Madhya Pradesh, Gujarat, and Assam.

Oil India Q1FY26 Earnings Results

In Q1 FY26, the company reported a consolidated net profit of ₹2,046.51 crore, compared with ₹2,016.30 crore in the year-ago quarter. Total income stood at ₹9,005.62 crore, lower than ₹9,581.78 crore a year earlier.

Last month, OIL signed a pact with Bharat Petroleum Corp (BPCL) to set up a gas distribution network in Arunachal Pradesh, including CNG stations and piped natural gas supply.

Read more: Oil India and IREL Collaborate to Develop Rare Earth and Critical Minerals! 

Oil India Share Price Performance

As of September 12, 2025, at 09:30 AM, the Oil India share price was trading at ₹395.10, representing a 0.11% increase from the previous closing price. 

Conclusion

The joint venture with RRVUNL and the transfer of assets to OIL Green Energy Ltd add to Oil India’s recent steps in the renewable and gas distribution segments.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.