NewsIndian Oil Corporation Approves ₹1,063.60 Crore Joint Venture With M11 Energy Transition for Sustainable Aviation Fuel Project at ParadipIndian Oil Corporation Approves ₹1,063.60 Crore Joint Venture With M11 Energy Transition for Sustainable Aviation Fuel Project at Paradip
Indian Oil Corporation has received Board approval on 18th May 2026 to form a 50:50 Joint Venture with M11 Energy Transition Pvt. Ltd. for a 100 KTPA HEFA-based Sustainable Aviation Fuel project at Paradip, with an estimated cost of ₹1,063.60 crore (± 30%). The project requires regulatory clearances from NITI Aayog and DIPAM before becoming operational, and the disclosure was made in compliance with SEBI LODR Regulations, 2015.
*this image is generated using AI for illustrative purposes only.
Indian Oil Corporation has received Board approval for the formation of a 50:50 Joint Venture Company with M11 Energy Transition Pvt. Ltd. to set up a 100 KTPA HEFA-based Sustainable Aviation Fuel (SAF) project at Paradip. The decision was taken at the Board of Directors meeting held on 18th May 2026, which commenced at 4:00 PM and concluded at 9:30 PM. The development was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Joint Venture Details
The proposed joint venture will be incorporated in India as a 50:50 partnership between Indian Oil Corporation and M11 Energy Transition Pvt. Ltd. The project is subject to approvals from NITI Aayog, DIPAM, and other relevant authorities before it becomes operational. Key parameters of the proposed venture are outlined below:
| Parameter: | Details |
|---|---|
| Joint Venture Structure: | 50:50 between Indian Oil Corporation and M11 Energy Transition Pvt. Ltd. |
| Project Type: | HEFA-based Sustainable Aviation Fuel (SAF) |
| Plant Capacity: | 100 KTPA |
| Project Location: | Paradip |
| Estimated Project Cost: | ₹1,063.60 crore (± 30%) |
| Regulatory Approvals Required: | NITI Aayog, DIPAM, etc. |
| Board Approval Date: | 18th May 2026 |
Regulatory Disclosure
The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was communicated to both the National Stock Exchange of India Limited and BSE Limited on 18th May 2026. The communication was signed by Kamal Kumar Gwalani, Company Secretary of Indian Oil Corporation.
Project Background
The proposed facility will utilise the Hydroprocessed Esters and Fatty Acids (HEFA) technology pathway to produce Sustainable Aviation Fuel, a lower-carbon alternative to conventional jet fuel. The project is to be located at Paradip, a significant industrial and refining hub on India's eastern coast. The estimated project cost of ₹1,063.60 crore carries a variance of ± 30%, reflecting the preliminary stage of project planning and the requirement of further regulatory clearances.
Historical Stock Returns for Indian Oil Corporation
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.42% | -3.83% | -7.46% | -21.32% | -6.70% | +91.84% |
How might India's evolving SAF blending mandates and aviation decarbonization policies influence the commercial viability and offtake agreements for this Paradip facility?
What feedstock sourcing strategy will the joint venture adopt for HEFA production, and could competition for used cooking oil and agricultural residues create supply chain bottlenecks at scale?
How will NITI Aayog and DIPAM approval timelines impact the project's commissioning schedule, and what risks could regulatory delays pose to India's broader SAF capacity targets?
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