Oil India Limited announced that its wholly owned subsidiary, OIL Green Energy Limited (OGEL), has incorporated a joint venture company named HIND OIL BIOFUELS PRIVATE LIMITED. The entity was registered in India on October 13, 2026, marking a strategic expansion into the clean and alternate energy sector.

The new venture focuses on the production of Compressed Biogas (CBG) and by-products from Municipal Solid Wastes. It will also engage in the generation of energy from wastes and the production of other biofuels. This move aligns with broader efforts to diversify into renewable energy segments through specialized subsidiaries.

Regulatory approvals and structure

The formation of the joint venture received approval from the Ministry of Petroleum and Natural Gas (MOP&NG) via letter No Expl-12027(11)/43/2024-EXPL-II-PNG (E-51463) dated June 11, 2025. This approval was granted with due concurrence from the Department of Investment and Public Asset Management (DIPAM). The incorporation was disclosed under Regulation 30 of the SEBI Listing Obligations & Disclosure Requirements (LODR) Regulations, 2015.

Financial details of the venture

The initial authorized share capital of HIND OIL BIOFUELS PRIVATE LIMITED is ₹1.00 crore, divided into 10 lakh equity shares. OGEL has subscribed to ₹5.00 lakh worth of shares, representing 50,000 equity shares at a face value of ₹10 each. This subscription establishes OGEL’s 50% shareholding in the incorporated entity.

Strategic implications

The establishment of this joint venture highlights Oil India’s continued push into green energy verticals through its dedicated subsidiary, OGEL. By leveraging municipal solid waste for CBG production, the company aims to create value from waste management while contributing to national renewable energy targets. The cash consideration method used for subscription indicates a straightforward capital infusion without complex share swaps.

Oil India Limited shareholders approved a final dividend of Re 1 per equity share for FY26 during the 67th Annual General Meeting held on September 17, 2026. The meeting also sanctioned an increase in authorized share capital and amendments to the Memorandum and Articles of Association. Official voting results confirm that all nine resolutions were passed with requisite majority.

The virtual meeting commenced at 11:00 am and concluded at 2:12 pm. Dr. Ranjit Rath, CMD, chaired the proceedings. The quorum was present throughout. Members voted via remote e-voting through the CDSL portal from September 13 to September 16, 2026, as well as during the meeting. Ms. Parul Jain of M/s VAP & Associates served as the scrutinizer.

Voting Participation

As on the record date of September 10, 2026, there were 442,492 shareholders. Of these, 124 members attended the meeting through video conferencing (one promoter group representative and 123 public shareholders). No shareholders attended in person or through proxy.

Resolutions Approved

Shareholders passed nine resolutions covering ordinary and special business items. The key outcomes included:

Detailed Voting Results

The promoter group, holding 921,564,990 shares (56.66% of total voting rights), voted in favor of all resolutions with 100% support. Public institutional investors showed varying levels of dissent on specific director appointments and capital hikes, while public non-institutional investors supported nearly all items overwhelmingly.

Management Highlights

Dr. Rath highlighted the company’s performance for FY26 and developments across various fronts. During the Q&A session, members raised queries regarding the Samudra Manthan Scheme, Green Energy initiatives, Net Zero goals, Critical Minerals, ESG activities, CSR programs, Future Outlook, Research & Development, and Compressed Biogas (CBG).

The Company Secretary confirmed that the meeting adhered to the Companies Act 2013, SEBI (LODR) Regulations 2015, and Secretarial Standards. The voting results will be notified to stock exchanges within two working days.