Indian Oil, GPS Renewables Pvt. Ltd form Joint Venture for Sustainable Energy Solutions
This collaboration aims to establish a 50:50 joint venture company dedicated to promoting the adoption of biofuels nationwide.
IndianOil, the 'Energy of India', has taken a significant step towards promoting sustainable energy solutions in India by signing a Joint Venture Agreement with GPS Renewables Private Limited, one of the leading biofuels companies in the country. This collaboration aims to establish a 50:50 joint venture company dedicated to promoting the adoption of biofuels nationwide.
The agreement was signed by Mr Mainak Chakraborty, CEO & Co-Founder, GPS Renewables Pvt Ltd., and Mr Santanu Gupta, ED (Alternative Energy), IndianOil in the presence of IndianOil dignitaries 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 the organizations.
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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 IndianOil’s long-term low-carbon development strategy and achieve operational net zero by 2046, which will also help to achieve a net-zero target by 2070 for our Country. 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.
Read Also : IGX and HPCL Sign MoU to Boost Natural Gas Consumption in IndiaIndian Oil is a diversified, integrated energy major with business interests encompassing the entire hydrocarbon value chain - from refining, pipeline transportation & marketing to exploration & production of crude oil & gas, petrochemicals, and alternative energy sources. IndianOil is relentlessly working on green energy pathways to catalyze India’s green transition, including emission mitigation, energy efficiency, fuel replacement, and renewable energy projects.
GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects.
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