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.

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"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.