IndianOil to Form JV for ₹1,063 Crore Sustainable Aviation Fuel Project at Paradip
New Delhi: In a major push towards green aviation fuel, the Board of Indian Oil Corporation Limited (IndianOil) has approved the formation of a 50:50 joint venture with M11 Energy Transition Pvt. Ltd. to set up a 100 KTPA HEFA-based Sustainable Aviation Fuel (SAF) project at Paradip.
The project will be developed at an estimated cost of ₹1,063.60 crore (±30%), subject to necessary approvals from NITI Aayog and DIPAM. The decision was taken during the company’s Board meeting held on 18 May 2026.
Key Highlights of the Project
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Formation of a 50:50 Joint Venture Company in India between IndianOil and M11 Energy Transition Pvt. Ltd.
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Establishment of a 100 KTPA HEFA-based Sustainable Aviation Fuel (SAF) plant at Paradip.
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Project cost estimated at ₹1,063.60 crore.
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Aims to accelerate India’s transition towards sustainable and low-carbon aviation fuel.
This initiative aligns with India’s broader strategy to reduce carbon emissions in the aviation sector and strengthen the country’s clean energy ecosystem. The Paradip SAF project is expected to play a crucial role in supporting the aviation industry’s shift towards sustainable fuels while enhancing energy security and environmental sustainability.