Indian Oil Corporation has announced the formation of a 50:50 joint venture with M11 Energy Transition Pvt. Ltd. to establish a 100 KTPA HEFA-based Sustainable Aviation Fuel (SAF) project in Paradip. With an estimated project cost of Rs. 1,063.60 crore, the initiative marks a significant step forward in the company’s commitment to sustainable energy solutions and aviation decarbonization.
Strategic Joint Venture
On May 18, 2026, the Board of Directors of Indian Oil Corporation approved a major partnership with M11 Energy Transition Pvt. Ltd. This 50:50 joint venture is strategically focused on developing a state-of-the-art facility for the production of sustainable aviation fuel. This project underscores the company’s strategic pivot toward cleaner energy alternatives within the aviation sector.
Project Investment and Scale
The upcoming facility in Paradip will be designed with a capacity of 100 KTPA to produce HEFA-based (Hydroprocessed Esters and Fatty Acids) aviation fuel. The board has sanctioned an estimated capital expenditure of Rs. 1,063.60 crore (± 30%) for this project. The venture is currently awaiting necessary approvals from various governing bodies to proceed with the execution phase.
Advancing Energy Transition
By leveraging advanced HEFA technology, Indian Oil Corporation aims to bolster the domestic supply chain for sustainable fuels. This project not only aligns with national decarbonization goals but also enhances the long-term strategic capabilities of the company as it scales its renewable and sustainable fuel infrastructure.
Source: BSE
