India set to halve oil refiners' FY24 energy transition equity support

Breaking News

Maharashtra clears 937 hectares for Gadchiroli steel expansion Steel stock surges 29% in just two days Steel output rises 14% to 9.25 MT Infrastructure boom fuels India’s steel consumption

India set to halve oil refiners' FY24 energy transition equity support

Energy 08 Jan 2024 08:11 PM IST The Hindu BusinessLine

India plans to reduce equity investment to $1.8 billion in 2023/24 to support three state oil refiners' green energy projects to curb the fiscal deficit. With a 40% revenue shortfall from stake sales, the government prioritises spending to limit the fiscal deficit to 5.9% of GDP. State-run Bharat Petroleum Corp and Hindustan Petroleum Corp aim for net-zero carbon emissions by 2040, while Indian Oil Corp targets 2046. The budget allocated ₹300 billion ($3.61 billion) in equity support, with ₹150 billion to be provided in 2023/24 staggered.

Also Read : Ukraine's Interpipe delivers steel pipes for swiss Alps' Titlis Tower Energy storage segment raise $9.2 bn funding via venture capital route in 2023

Breaking News

India set to halve oil refiners' FY24 energy transition equity support

Related News

Baosteel Maintains Flat Steel Prices for June Sales

Odisha accounts for 42% of India's mineral production: report

PM Modi arrives in Doha, holds talks with Qatar counterpart on boosting bilateral ties

Fortescue Flags Diesel Cost Surge as Iran War Disrupts Fuel Supply

Thai Steel Industry Faces Increased Pressure from Foreign Competitors

Mitsubishi to acquire 32% stake in TVS Mobility's new venture