Mar 29 2010
Indian Oil Corporation, a state-owned company in India and a major oil refiner, is planning to invest approximately Rs. 2,000 crore to develop solar energy generation capacity of 50 MW and wind energy generation capacity of 200 MW.
Mr. Bansal, Chairman of Indian Oil, said the company will be investing Rs. 1,000 each for establishing wind power and solar power generating capacities. The country has a total power generation capacity of 157.000 MW, out of which 15,427MW is produced through renewable sources of energy. According to the Jawaharlal Nehru National Solar Mission, the country has to achieve 20,000 MW of grid connected solar power and 2,000 MW of off-grid solar power.
Depreciation benefits of up to 80% of the clean energy investments can be claimed by the company in the project’s first year of operation in addition to tax breaks for up to 10 years. Indian Oil Corporation will also earn carbon credits through the generation of clean energy.
Source: http://www.iocl.com