The joint venture will focus on integrating advanced biogas technologies to convert organic waste into Compressed Biogas (CBG), a cleaner and renewable energy source.
20 Jun 2024 | 2922 Views | By Autocar Professional Bureau
Energy solutions major Indian Oil Corporation has entered into a joint venture agreement with GPS Renewables, one of the leading biofuels companies in India to set up a 50:50 JV company dedicated to advancing biofuel adoption across the country.
GPS Renewables is a full-stack biofuels firm offering technology and ...
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Energy solutions major Indian Oil Corporation has entered into a joint venture agreement with GPS Renewables, one of the leading biofuels companies in India to set up a 50:50 JV company dedicated to advancing biofuel adoption across the country.
GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. Starting from captive biogas plants, it has scaled up to set up some of the world’s largest CBG plants, including the flagship 15 TPD CBG Plant in Indore, Madhya Pradesh.
The agreement was signed on June 19 by Mainak Chakraborty, CEO and co-founder, GPS Renewables and Santanu Gupta, ED (Alternative Energy), Indian Oil in the presence of top Indian Oil executives Sujoy Choudhury, Director (P&BD), Senthil Kumar N., Director (Pipelines) with Addl. Charge of Director (Refineries) and Alok Sharma, Director (R&D). V Subramaniam, Chairman of GPS Renewables, was also present besides other senior officials from both the organizations.
The joint venture will focus on integrating advanced biogas technologies to convert organic waste into Compressed Biogas (CBG), a cleaner and renewable energy source. This will significantly reduce greenhouse gas emissions while providing a sustainable alternative to traditional fossil fuels. By leveraging their combined expertise, Indian Oil and GPS Renewables aim to accelerate the deployment of CBG plants nationwide.
These initiatives complement Indian Oil’s long-term low-carbon development strategy and to achieve operational net zero by 2046, which will also help achieve net-zero target by 2070 for India. CBG offers numerous benefits to India and the environment. For the country, it promotes energy security by reducing dependence on imported fossil fuels and supports the rural economy by creating local employment opportunities.