IOC to invest in alternative energy projects

Indian Oil Corp. (IOC) will invest Rs2,000 crore (US$429.1 million) in developing power projects based on alternative energy in the next five years. The company, which already operates a 21 MW wind power facility in Kandla, a seaport in the Kutch District of Gujarat state in western India, is scouting for sites to set up solar and wind power projects in states like Rajasthan and Tamil Nadu. The power generated from the Kandla facility is currently used for captive utilization in its refineries. On the other hand, the power generated from its upcoming solar and wind farms will be marketed commercially. (August 13, 2010)