Tuesday, July 16, 2024
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Indian Oil forms JV with GPS Renewables; aim to accelerate deployment of CBG plants nationwide

IndianOil has taken a significant step towards promoting sustainable energy solutions in India by signing a Joint Venture Agreement with GPS Renewables Private Limited, a prominent biofuels company in the country. This partnership aims to establish a new 50:50 joint venture company dedicated to advancing the adoption of biofuels nationwide.

The agreement, signed by Mr. Mainak Chakraborty, CEO & Co-Founder of GPS Renewables Pvt Ltd, and Mr. Santanu Gupta, Executive Director (Alternative Energy) at IndianOil, was witnessed by senior dignitaries including Mr. Sujoy Choudhury, Director (P&BD), Mr. Senthil Kumar N., Director (Pipelines) with additional charge of Director (Refineries), and Mr. Alok Sharma, Director (R&D). Mr. V Subramaniam, Chairman of GPS Renewables, along with other senior officials from both organizations, were also present.

The joint venture will focus on deploying advanced biogas technologies to convert organic waste into Compressed Biogas (CBG), a cleaner and renewable energy source. This initiative aims to significantly reduce greenhouse gas emissions and offer a sustainable alternative to conventional fossil fuels. By leveraging their combined expertise, IndianOil and GPS Renewables seek to accelerate the establishment of CBG plants across India. These efforts align with IndianOil’s long-term strategy for low-carbon development and its goal to achieve operational net zero by 2046, contributing to India’s national target of achieving net zero by 2070.

CBG holds immense promise for India, enhancing energy security by reducing reliance on imported fossil fuels and bolstering the rural economy through local job creation. IndianOil, a diversified energy major involved in the entire hydrocarbon value chain from refining to alternative energy, is committed to catalyzing India’s green transition. Meanwhile, GPS Renewables, renowned for its biofuels technology and project solutions, has successfully implemented some of the world’s largest CBG plants, including the flagship 15 TPD CBG Plant in Indore, Madhya Pradesh.

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