Indian Oil & GPS Renewables form JV to promote biofuels

New Delhi: Indian Oil on Wednesday said that it has entered into a joint venture (JV) agreement with GPS Renewables Private Limited for sustainable energy solutions. According to an official statement, this association will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuel adoption across the country.

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The agreement has been signed by GPS Renewables' CEO & Co-Founder Mainak Chakraborty and Indian Oil's ED (Alternative Energy) Santanu Gupta in the presence of senior officials from both the organisations.

According to Indian Oil, this 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 Indian Oil’s long-term low-carbon development strategy and to achieve operational net zero by 2046, which will also help achieving 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," it added.

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