Indian Oil Corporation has teamed up with GPS Renewables to create a joint venture (JV) aimed at promoting biofuel use in India. This new 50:50 JV will focus on converting organic waste into Compressed Biogas (CBG), which is a cleaner, renewable energy source.
GPS Renewables is known for its biofuel technology and projects, including one of the world’s largest CBG plants in Indore, Madhya Pradesh. The agreement for this JV was signed on June 19 by Mainak Chakraborty, CEO of GPS Renewables, and Santanu Gupta, ED of Alternative Energy at Indian Oil. Top executives from both companies attended the signing ceremony.
The JV will use advanced biogas technologies to reduce greenhouse gas emissions and provide a sustainable alternative to fossil fuels. This move supports Indian Oil’s goal of achieving net-zero emissions by 2046 and helps India reach its net-zero target by 2070. The initiative also aims to improve energy security, reduce reliance on imported fossil fuels, and create jobs in rural areas.
