IndianOil and GPS Renewables forge JV for biofuel development
In a significant move to foster sustainable energy solutions, IndianOil, branded as the ‘Energy of India’, has teamed up with GPS Renewables Private Limited, a leading biofuel company, to form a joint venture (JV). This 50:50 partnership aims to promote the adoption of biofuels across India, focusing particularly on the production of Compressed Biogas (CBG) from organic waste.
The joint venture agreement was formalized by Mr. Mainak Chakraborty, CEO & Co-Founder of GPS Renewables Pvt Ltd., and Mr. Santanu Gupta, ED (Alternative Energy) at IndianOil. The signing ceremony was attended by key figures from both organizations, including Mr. Sujoy Choudhury, Director (P&BD) of IndianOil, and Mr. V Subramaniam, Chairman of GPS Renewables, among others.
The newly formed joint venture will concentrate on integrating advanced biogas technologies to convert organic waste into CBG, a clean and renewable energy source. This initiative is expected to reduce greenhouse gas emissions significantly and provide a sustainable alternative to traditional fossil fuels. By combining their expertise, IndianOil and GPS Renewables aim to accelerate the deployment of CBG plants throughout India.
IndianOil partners with GPS Renewables to launch a biofuel initiative, advancing sustainable energy solutions across India.
These efforts are in line with IndianOil’s strategy to achieve operational net-zero emissions by 2046 and support India’s national goal of reaching net-zero by 2070. CBG not only contributes to environmental sustainability but also enhances energy security by reducing dependency on imported fossil fuels and fostering economic growth in rural areas through job creation.
The partnership between IndianOil and GPS Renewables is poised to transform India’s energy landscape. The focus on developing large-scale CBG facilities, such as the flagship 15 TPD CBG Plant in Indore, Madhya Pradesh, showcases the potential for substantial impact on both the environment and the economy. This joint venture represents a pivotal step towards achieving India’s green transition goals, highlighting the critical role of innovative collaborations in tackling global challenges like climate change.