logo
Indian Oil bets big on clean energy with 10,000-tonne Panipat plant

Indian Oil bets big on clean energy with 10,000-tonne Panipat plant

Time of India02-06-2025
In a major stride toward clean energy transition, Indian Oil has finalised the Levelized Cost of Hydrogen (LCOH) for India's largest
green hydrogen generation unit
at its Panipat Refinery & Petrochemical Complex, the company said in a statement on Friday.
Slated for commissioning by December 2027, the facility will produce 10,000 tonnes of green hydrogen annually — replacing
fossil-fuel-based hydrogen
currently used in refinery operations and significantly reducing carbon emissions.
"This initiative is aligned with Prime Minister Narendra Modi's
National Green Hydrogen Mission
and forms a critical part of IndianOil's broader
decarbonisation strategy
," the state-run oil major said.
The project marks IndianOil's formal entry into the green hydrogen sector and is set to be the largest such initiative in the country to date. It is expected to play a pivotal role in helping the company meet its Net Zero targets.
Indian Oil Chairman Arvinder Singh Sahney, speaking earlier this year at the World Economic Forum in Davos, said, 'The green hydrogen plant is now alive. We have got very good bids for it. And now the tenders are under evaluation. Within a month or so, we will be able to award the job, and within two years, that 10,000 tons per annum plant at Panipat will be commissioned.'
The plant aims to boost India's green energy push and reinforce IndianOil's position at the forefront of the country's energy transformation journey.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

World Economic Forum founder Klaus Schwab investigated for workplace misconduct, fund misuse — He says it's all false
World Economic Forum founder Klaus Schwab investigated for workplace misconduct, fund misuse — He says it's all false

Mint

time44 minutes ago

  • Mint

World Economic Forum founder Klaus Schwab investigated for workplace misconduct, fund misuse — He says it's all false

An internal investigation commissioned by the World Economic Forum (WEF) has revealed a troubling pattern of workplace misconduct by its founder, Klaus Schwab, over the past decade. As first reported by The Wall Street Journal, the probe—initiated in April following a whistleblower complaint—alleges bullying, inappropriate behavior toward female employees, and unauthorized personal spending. In one instance, Schwab reportedly sent a late-night email to a senior female executive in June 2020, asking: 'Do you feel that I am thinking of you?' According to the news outlet, investigators cited the message as potentially inappropriate and indicative of a broader culture of favoritism and fear under Schwab's leadership. Schwab and his wife, Hilde Schwab, are alleged to have submitted over $1.1 million in travel expenses, much of which investigators flagged as questionable. These included first-class flights for Hilde—who held no formal role at the Forum—and personal trips to Venice, Miami, Seychelles, and Morocco totaling around $63,000, with minimal evidence of business activity, WSJ reported. Investigators also noted 14 hotel massages billed to the World Economic Forum through corporate cards or junior staff, though Schwab said he reimbursed about half and had instructed aides to bill him personally. 'Throughout this journey, Hilde and I never used the Forum for personal enrichment,' Schwab said in a statement via a spokesman. He maintained that any mistakes were unintentional and pledged to repay any misallocated funds after the probe's final report. Interviews with over 50 current and former staff painted a picture of an organization ruled by fear. Schwab allegedly sidelined pregnant women and older female employees, affecting their careers and mental well-being. One source described Schwab's leadership style as operating the Forum like his 'fiefdom', using intimidation to maintain control. Schwab, 87, stepped down, ending his 55-year tenure as WEF's chief. The Swiss law firm Homburger, leading the investigation, is expected to finalize its findings by August-end and submit them to Forum trustees and potentially Swiss prosecutors, WSJ reported. Schwab defending his legacy said he saw himself as a father figure to many young employees.

India, U.K. to sign free trade agreement on July 24 in London
India, U.K. to sign free trade agreement on July 24 in London

The Hindu

time44 minutes ago

  • The Hindu

India, U.K. to sign free trade agreement on July 24 in London

India and the U.K. will sign a free trade agreement on Thursday (July 24, 2025) in London that will allow export of labour-intensive products such as leather, footwear and clothing at concessional rates, while making imports of whisky and cars from Britain cheaper. The pact also helps double trade between the two economies to $120 billion by 2030. Also Read: ​Caution and optimism: On India's FTA with the United Kingdom The pact, officially called a comprehensive economic and trade agreement, will be signed in the presence of Prime Minister Narendra Modi and British Prime Minister Keir Starmer. Commerce and Industry Minister Piyush Goyal and his British counterpart Jonathan Reynolds would sign the agreement. Once the pact is signed, it will require approval from the British Parliament before it can take effect. The process may take about a year. PM Modi on Wednesday (July 23, 2025) left on a four-day visit to the U.K. and the Maldives. The two countries announced the conclusion of the negotiations for the trade agreement on May 6. The pact has chapters on issues including goods, services, innovation, government procurement, and intellectual property rights. The two countries have also concluded the negotiations for the Double Contribution Convention Agreement, or social security pact. It would help avoid double contribution to social security funds by Indian professionals working for a limited period in Britain. In such trade agreements, two countries either eliminate or significantly reduce customs duties on maximum goods traded between them. They also ease norms for promoting trade in services and bilateral investments. Under the pact, 99% of Indian exports would benefit from zero duty in the U.K. market. The main proposals of the agreement include slashing of import duty on British Whisky and gin from 150% to 75% before reducing to 40% by ten years of the deal; automotive tariffs will be reduced from over 100% to 10% under a quota. Other goods with reduced import duties, which can open markets and make trade cheaper for businesses and Indian consumers, include cosmetics, aerospace, lamb, medical devices, salmon, electrical machinery, soft drinks, chocolate and biscuits. It will open export opportunities for domestic labour-intensive sectors such as textiles, marine products, leather, footwear, sports goods and toys, gems and jewellery, engineering goods, auto parts and engines, and organic chemicals. On the services front, the agreement eases mobility for professionals including Contractual Service Suppliers; Business Visitors; Investors; Intra-Corporate Transferees; partners and dependent children of Intra-Corporate Transferees with right to work; and Independent Professionals like yoga instructors, musicians and chefs. India's exports to the U.K. rose by 12.6% to $14.5 billion, while imports grew by 2.3% to $8.6 billion in 2024-25. The bilateral trade between India and the U.K. increased to $21.34 billion in 2023-24 from $20.36 billion in 2022-23.

India, UK set to sign trade deal Thursday, final text may be released later
India, UK set to sign trade deal Thursday, final text may be released later

Mint

timean hour ago

  • Mint

India, UK set to sign trade deal Thursday, final text may be released later

New Delhi: India and the UK are set to sign their long-awaited free trade agreement (FTA) on Thursday morning (UK time), marking a major milestone in bilateral economic relations. However, the final text of the agreement may not be made public immediately, as legal scrubbing of the document is still underway, two officials involved in the process said. The comprehensive trade pact, which has been under negotiation for over two years, covers 27 chapters and is expected to deliver significant market access and investment opportunities across sectors. The deal also includes dedicated chapters on innovation and anti-corruption, sections being introduced for the first time in any Indian FTA. 'The preparations are in full swing, and all key officials from both sides will be present for the FTA signing ceremony. The deal is expected to be signed after 10 am UK time, which will be around 3 pm in India," said one of the two people familiar with the matter. 'As the legal scrubbing is still in progress and in its final stages, which are likely to be completed in the next couple of weeks, the deal will be signed now, and its full text will be released later, after a few weeks," said the second person. Legal scrubbing is a standard process where legal teams from both sides meticulously review the text for consistency, clarity, and compliance with domestic laws. Queries sent to the commerce ministry and the UK Embassy in New Delhi remained unanswered till press time. Releasing the full text of the FTA is very important for transparency as it allows stakeholders, including industry, lawmakers, and civil society, to assess the commitments made in the trade deal. It ensures accountability, helps businesses prepare for implementation, and enables informed public debate on the agreement's potential economic, legal, and social implications. Even after the signing of the deal, the FTA will come into force only after receiving legal clearances from the British Parliament—a process that could take up to a year, depending on how the parliamentary procedures progress in the UK, said the second person. The Union cabinet led by Prime Minister Narendra Modi on Tuesday approved the India-UK free trade agreement. Who benefits Sectors likely to benefit from the FTA include textiles, footwear, auto components, gems and jewellery, furniture, sports goods, chemicals, and machinery—many of which currently face UK tariffs ranging from 4% to 16%. 'The Indian textile and apparel sector is gearing up to make the most of the India-UK FTA. We're seeing growing engagement from UK buyers across categories—from SMEs to large integrated manufacturers—and some firms are already expanding capacity to meet this demand," said Prabhu Dhamodharan, convenor of the Indian Texpreneurs Federation (ITF). 'With the added benefit of duty-free access under the FTA, we aim to increase our market share in the UK from the current 6% to 10% over the next two years, unlocking an additional ₹6,000– ₹7,000 crore in business through steady, sustained growth." According to the final terms, the duty on Scotch whisky has been reduced from 150% to 75%, and will be brought down further to 40% over the next 10 years. Similarly, the duty on automobiles has been cut from 100% to 10%, effective gradually over a few years after the FTA takes effect. However, vehicle imports will be allowed only under a fixed quota. The size of the quota is not immediately clear, but it is likely to be insignificant compared to the size of India's domestic car market. The India-UK FTA is one of the most comprehensive trade pacts India has signed in recent years, covering goods, services, investments, and sustainability issues. A total of 27 chapters have been negotiated since January 2022. The 14th and final round of negotiations began in January 2024. The finalisation of the deal was announced on 6 May after the Prime Ministers of both countries held a concluding round of talks. Also Read: India-UK trade pact: A new paradigm for the digital economy Meanwhile, in his departure message ahead of the UK and Maldives visit from 23 to 26 July, PM Modi said that India and the UK share a comprehensive strategic partnership that has seen significant progress across sectors such as trade, innovation, and defence. PM Modi said his meeting with UK Prime Minister Keir Starmer would be an opportunity to further strengthen the economic partnership aimed at fostering prosperity, growth, and job creation in both countries. As per the commerce ministry data, India's exports to the UK stood at $11.46 billion in FY23, rose to $12.98 billion in FY24, and further increased to $14.55 billion in FY25, reflecting a steady upward trend in bilateral trade.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store