Government owned Indian Oil Corporation Ltd has entered into a ‘Joint Venture’ agreement with Gurugram based biofuels innovator EverEnviro Resource Management Pvt. Ltd. to fostering sustainable energy solutions in India.
EverEnviro held that this association will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuel adoption across the country.
“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,” said the official statement.
These initiatives complement long-term low-carbon development strategy of Indian Oil 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 agreement was signed by Dr. Santanu Gupta, Executive Director (Alternative Energy), Indian Oil and Mahesh Girdhar, MD & CEO of EverEnviro. The signing ceremony was attended by Indian Oil dignitaries N Senthil Kumar, Director (Pipelines) holding additional charge of Director (P&BD), Alok Sharma, Director (R&D) and Arvind Kumar, Director (Refineries). Pravin Dongre, ED (Sustainable Development), Indian Oil and Deepak Agarwal, ED, EverEnviro besides other senior officials from both the organizations.
In June, 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.
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