Mumbai: India's largest oil retailer, Indian Oil Corporation (IOC) has signed an agreement to form a 50:50 joint venture with EverEnviro Resource Management Pvt Ltd to advance the adoption of biofuels across the country. "In a landmark step towards fostering sustainable energy solutions in India, IndianOil, the ‘Energy of India’, has entered into a Joint Venture Agreement with EverEnviro Resource Management Pvt. Ltd., a leading biofuels company in the country. This association will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuel adoption across the country," said a statement on Tuesday.
The agreement was signed by Dr Santanu Gupta, Executive Director (Alternative Energy), Indian Oil and Mahesh Girdhar, MD & CEO of EverEnviro, in the presence of senior executives of Indian Oil like, N Senthil Kumar, Director (Pipelines), Alok Sharma, Director (R&D), and Arvind Kumar, Director (Refineries). Pravin Dongre, ED (Sustainable Development), Indian Oil and Deepak Agarwal, ED, EverEnviro, were also present besides other senior officials from both the organisations.
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 EverEnviro aim to accelerate the deployment of CBG plants nationwide," the statement added.
"These initiatives complement IndianOil’s long-term low-carbon development strategy and achievement of operational Net Zero goal by 2046, which will also help in achieving the Net-Zero target for India by the year 2070. 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," the statement said.
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