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:

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.

Indian Oil Corporation Limited has scheduled the announcement of its audited standalone and consolidated financial results for FY26 on May 18, 2026, pursuant to Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, along with the Auditors' Report. The disclosure was digitally signed by Kamal Kumar Gwalani (DIN: 10310088) on May 18, 2026.

NCD Fund Utilization: Full Deployment Confirmed

As part of its regulatory disclosures, Indian Oil Corporation has provided a detailed statement of utilization of issue proceeds for Non-Convertible Debentures (NCDs) raised through private placement. The total outstanding NCD amount as on March 31, 2026 stands at Rs. 17,000.00 crore, all of which has been fully utilized. The key parameters of the NCD disclosure are summarized below:

The individual NCD issuances and their utilization are detailed below:

Purpose of Fund Utilization

The funds raised through the NCDs were deployed for refinancing of existing borrowings and/or funding of capital expenditure of the company, including recoupment of expenditure already incurred and/or for any other purpose in the ordinary course of business. The original allocation of Rs. 17,000.00 crore matches the funds utilized, with no modification to the original objects and no deviation or variation reported. The company has confirmed that no approval was required to vary the objects of the issue, and comments from the Audit Committee and auditors are not applicable given the absence of any deviation.

Statement of Deviation and Asset Cover Certificate

Indian Oil Corporation has confirmed there is no deviation or variation in the use of funds raised across all NCD issuances for the quarter ended March 31, 2026. The asset cover certificate (Annexure-III), filed in accordance with applicable SEBI regulations, reflects a NIL Report for both assets and liabilities sections, indicating no security cover details were required to be reported for this filing period. The regulatory disclosures were submitted in compliance with SEBI (LODR) Regulations.

Source: None/Company/INE242A01010/d8272888-c276-4569-98ff-7ef85c6213e7.pdf