Shares of Indian Oil Corporation Ltd (IOCL) were trading in the green and 2% higher on 16 April after the company announced signing an MoU with Gujarat Gas (GGL). 

The company has signed a Memorandum of Understanding (MoU) with Gujarat Gas Limited to expand its range of services and products for consumers.

In its regulatory filing, Gujarat Gas said, “This significant alliance between two major players in the energy sector is set to deliver an extensive range of products and services throughout GGL’s authorised areas.” 

The key points of this non-binding Memorandum of Understanding are:

1. The company will provide liquid fuels at GGL outlets. 
2. IOCL will provide automotive lubricants, greases, and specialities at the GGL outlet. 
3. GGL will set up a CNG facility at the company’s COCO outlets.
4. Gujarat Gas will set up a CNG Mother Facility at IOCL Outlets.

This partnership between the two companies is a significant step towards their quest for sustainable and accessible energy solutions in India. By leveraging their resources, both companies will cater to the growing needs of their customers while contributing to the county’s energy security and environmental goals.

At 2:02 pm, the shares of Indian Oil Corporation were trading 1.59% higher at Rs 169.05 on NSE.