New Delhi: State-owned Indian Oil Corporation (IOC) on Wednesday said it has entered into a joint venture with biofuels company GPS Renewables Pvt Ltd to promote sustainable energy solutions in India.
“This collaboration will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuels adoption across the country,” the firm said in a statement.
The agreement was signed by Mainak Chakraborty, CEO and co-founder of GPS Renewables and Shantanu Gupta, ED (alternative energy) at IOC.
"The joint venture will focus on integrating advanced biogas technologies to convert organic waste into compressed biogas (CBG), a clean and renewable energy source. It reduces greenhouse gas emissions while providing a sustainable alternative to traditional fossil fuels. "Will reduce significantly."
By leveraging their combined expertise, IOC and GPS Renewables aim to accelerate the deployment of Compressed Bio Gas (CBG) plants across the country.
These initiatives complement IOC's long-term low-carbon growth strategy and will help the company achieve net zero carbon emissions by 2046.
CBG will help cut dependence on imported fossil fuels and support the rural economy by creating local employment opportunities.
While IOC is India's largest oil refining and fuel marketing company, GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuels projects.
Starting with captive biogas plants, GPS Renewables has moved towards setting up some of the largest CBG plants in the world, including the flagship CBG plant in Indore, Madhya Pradesh.
“This collaboration will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuels adoption across the country,” the firm said in a statement.
The agreement was signed by Mainak Chakraborty, CEO and co-founder of GPS Renewables and Shantanu Gupta, ED (alternative energy) at IOC.
"The joint venture will focus on integrating advanced biogas technologies to convert organic waste into compressed biogas (CBG), a clean and renewable energy source. It reduces greenhouse gas emissions while providing a sustainable alternative to traditional fossil fuels. "Will reduce significantly."
By leveraging their combined expertise, IOC and GPS Renewables aim to accelerate the deployment of Compressed Bio Gas (CBG) plants across the country.
These initiatives complement IOC's long-term low-carbon growth strategy and will help the company achieve net zero carbon emissions by 2046.
CBG will help cut dependence on imported fossil fuels and support the rural economy by creating local employment opportunities.
While IOC is India's largest oil refining and fuel marketing company, GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuels projects.
Starting with captive biogas plants, GPS Renewables has moved towards setting up some of the largest CBG plants in the world, including the flagship CBG plant in Indore, Madhya Pradesh.
