Indian Oil, GPS Renewables form JV for CBG plants nationwide

State owned energy conglomerate Indian Oil Corporation Ltd has formed a joint venture with GPS Renewables, a leading biofuels company in India, to establish a 50:50 partnership dedicated to promoting biofuel adoption nationwide.

GPS Renewables claims to be a comprehensive biofuels firm providing technology and project solutions for environmentally positive biofuel initiatives. It began with captive biogas plants and has since expanded to establish some of the world’s largest Compressed Biogas (CBG) plants, including a flagship 15 TPD CBG plant in Indore, Madhya Pradesh.

The joint venture agreement was signed by Mainak Chakraborty, CEO and co-founder of GPS Renewables, and Santanu Gupta, Executive Director of Alternative Energy at Indian Oil.

The joint venture will focus on implementing advanced biogas technologies to convert organic waste into CBG, a cleaner and renewable energy source. This initiative aims to significantly reduce greenhouse gas emissions and provide a sustainable alternative to traditional fossil fuels.

By combining their expertise, Indian Oil and GPS Renewables plan to accelerate the deployment of CBG plants across the country.

The signing ceremony was attended by key Indian Oil executives, including Sujoy Choudhury, Director of Planning & Business Development; Senthil Kumar N., Director of Pipelines with Additional Charge of Director of Refineries; and Alok Sharma, Director of Research & Development. V Subramaniam, Chairman of GPS Renewables, along with other senior officials from both organizations, was also present.

These efforts align with Indian Oil’s long-term low-carbon development strategy and its goal to achieve operational net zero by 2046, contributing to India’s target of reaching net zero by 2070. CBG offers numerous benefits, including enhanced energy security by reducing dependence on imported fossil fuels and supporting the rural economy through local employment opportunities.

In October, 2023,  GPS Renewables announced its strategic partnership with the Indian Oil to set up CBG Plants all across the country.

GPS Renewable claims to be a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. Neev Fund, Triodos and Capsian Impact Investments back GPS Renewables.