The 50:50 joint venture aims to advance sustainable energy and biofuel adoption in the country.
On Wednesday, government enterprise IndianOil Corporation (IOC) revealed its collaboration with GPS Renewables, an Indian biofuel engineering firm. By leveraging their combined efforts, this partnership with a 50:50 stake aims to deploy Compressed Bio Gas (CBG) plants nationwide.
According to the agreement signed by Mainak Chakraborty, CEO and co-founder of GPS Renewables, and Santanu Gupta, ED (Alternative Energy), the joint venture will foster the adoption of sustainable biofuels in India.
As stated, advanced technologies will be integrated to transform organic waste into compressed biogas (CBG), a cleaner and renewable energy source. This will substantially decrease greenhouse gas emissions and offer a sustainable substitute for conventional fossil fuels.
The deal also aims to promote energy security by reducing dependence on imported petroleum and supporting the rural economy by creating local employment opportunities.
It has been claimed that these efforts align with IOC’s extended-term strategy for low-carbon development and will aid the company in reaching its goal of achieving net zero carbon emissions by 2046.
The agreement was finalised in the presence of IndianOil dignitaries like Mr Sujoy Choudhury, Director (P&BD), Mr Senthil Kumar N., Director (Pipelines) with Addl. Charge of Director (Refineries) and Mr Alok Sharma, Director (R&D). Mr V Subramaniam, Chairman of GPS Renewables, was also present besides other senior officials from both organisations.
IndianOil is an integrated energy company involved in the entire hydrocarbon value chain, including refining, pipeline transportation, marketing, crude oil and gas exploration and production, petrochemicals, and alternative energy sources.
The company is currently focused on advancing green energy initiatives to support India’s transition to a more sustainable future. These initiatives include emission reduction, energy efficiency improvements, fuel substitution, and renewable energy projects.
GPS Renewables provides technology and project solutions for environmentally beneficial biofuel projects. It has expanded its operations with captive biogas plants to establish mega CBG plants globally, including the 15 TPD CBG Plant in Indore, Madhya Pradesh.
