The finance ministry of India has reduced the equity infusion in state-owned fuel retailers to INR 15,000 crore ($2 billion) from the initially allocated INR 30,000 crore ($4 billion) to support their investments in energy transition projects. The decision aims to align with emerging trends in oil markets. Additionally, the ministry has deferred the plan to purchase crude oil worth INR 5,000 crore ($670 million) for filling strategic underground storages in Mangalore and Visakhapatnam, considering the evolving dynamics in the oil sector. The equity support was designated to Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) for their energy transition plans.
India Halves Equity Infusion in State-Owned Fuel Retailers to Boost Energy Transition Projects
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