IOC, GPS Renewables form JV for sustainable energy solutions
By leveraging their combined expertise, IOC and GPS Renewables aim to accelerate the deployment of Compressed Bio Gas (CBG) plants nationwide.
State-owned Indian Oil Corporation (IOC) on Wednesday said it has entered into a joint venture with biofuels company GPS Renewables Pvt Ltd to foster sustainable energy solutions in India.
"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 firm said in a statement.
The agreement was signed by Mainak Chakraborty, CEO & co-founder of GPS Renewables and Santanu Gupta, ED (Alternative Energy) at IOC.
"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," it said.
By leveraging their combined expertise, IOC and GPS Renewables aim to accelerate the deployment of Compressed Bio Gas (CBG) plants nationwide.
These initiatives complement IOC's long-term low-carbon development strategy and will help the firm achieve net zero carbon emissions by 2046.
CBG will help cut dependence on imported fossil fuels and support the rural economy by creating local employment opportunities.
While IOC is India's largest oil refining and fuel marketing company, GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects.
Starting from captive biogas plants, GPS Renewables has scaled up to set up some of the world's largest CBG plants, including the flagship CBG plant in Indore, Madhya Pradesh.
Meanwhile, shares of IOC closed at Rs 166.8 each, down 1.7 per cent today, June 19 on BSE.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SIP Returns: You corpus can reach from Rs 2 crore to Rs 4 crore in just 3 years if you get 2 per cent additional returns; know how it can work out
Compounding Benefits: Starting Rs 5,000 SIP at 20, 25, 35? Here’s how much funds you can accumulate at retirement
SBI Senior Citizen FD Calculator: How much will you get if you invest Rs 5 lakh, Rs 10 lakh, Rs 15 lakh, or Rs 20 lakh in 1-, 3-, and 5-year fixed deposit schemes
SIP+SWP: Rs 25,000 monthly SIP investment for 20 years and then Rs 1,42,000 monthly income for 45 years; know how it is possible
07:07 PM IST