Bharat Petroleum Corporation Limited (BPCL) is planning to enhance its footprint in the renewable energy sector through two new joint ventures. The company’s Board of Directors has given the green light for collaborations with Sembcorp Green Hydrogen India Pvt. Ltd. and GPS Renewables Pvt. Ltd.
On September 12, BPCL announced that the Board had approved these two joint ventures.
The collaboration with Sembcorp Green Hydrogen India focuses on the development, construction, and operation of renewable energy and green hydrogen projects throughout India, including the sale of renewable energy and green hydrogen.
Both ventures are contingent on regulatory approvals.
The exchange filing stated, “We are entering into a joint venture agreement with Sembcorp Green Hydrogen India Pvt. Ltd (SGHIPL) in the Renewable Energy and Green Hydrogen sector, pending regulatory approvals from NITI Aayog, DIPAM, etc.”
Additionally, BPCL plans to build, operate, and manage compressed biogas plants across India, including the sale of compressed biogas and its by-products.
The filing added, “We are entering into a joint venture agreement with M/s. GPS Renewables Pvt. Ltd (GPS) for establishing Compressed Biogas (CBG) plants across India, subject to regulatory approvals from NITI Aayog, DIPAM, etc.”
BPCL will hold a 50 percent stake in each of these joint ventures.
According to the exchange filing, BPCL’s goal is to transition towards energy and meet its net zero targets through these ventures.
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