IndianOil and Praj Industries forge ahead with biofuels production in India
Indian Oil Corporation Limited (IndianOil) and industrial biotech company Praj Industries Limited have formalized plans to bolster biofuels production capacities in India.
The two companies signed a term sheet that includes a variety of biofuels, such as Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel, and Bio-bitumen. This initiative follows an agreement reached in October 2021, where both companies decided to establish a 50:50 joint venture to drive this ambition.
Shrikant Madhav Vaidya, Chairman of IndianOil, called the partnership with Praj Industries, a major Indian biofuel producer, a “remarkable milestone” in IndianOil’s journey towards green energy transition. He stressed that this collaboration will strengthen their goal of achieving net-zero operational emissions by 2046. Vaidya further highlighted that the abundance of feedstock from India’s agrarian economy offers a unique advantage, emphasizing that indigenous biofuels would be pivotal in charting India’s decarbonization journey.
IndianOil and Praj Industries reinforce commitment to enhance India’s biofuel capabilities. Photo courtesy of Praj Industries Limited.
The country is strategically planning to shift its transportation fuel mix to biofuels, in an effort to become self-reliant by exploiting available resources. Biofuels play a crucial role in India’s blossoming Bioeconomy, contributing substantially to sustainable climate action. This initiative is set to reduce dependence on crude imports, bolster the rural economy, and offer sustainable, cleaner mobility options.
IndianOil and Praj Industries have a history of collaboration aimed at facilitating India’s transition towards a greener future. Notably, India’s first advanced biofuels refinery, located at IndianOil’s Panipat complex, is based on Praj’s proprietary 2 G technology. Additionally, in May, the two companies partnered with AirAsia India to launch the country’s first commercial passenger flight powered by a blend of indigenous Sustainable Aviation Fuel.
Dr Pramod Chaudhari, Founder Chairman of Praj Industries, expressed pride in their partnership with IndianOil, reiterating their commitment to facilitating sustainable development through biofuels. Building sustainable aviation fuels production capacity is one of their priorities, to further strengthen the “Atmanirbhar Bharat” initiative for a self-reliant India.