Indian Oil Corporation (IOC) has announced a new joint venture with GPS Renewables Pvt Ltd to promote sustainable energy solutions across India. This strategic partnership aims to establish a 50:50 joint venture company that will focus on advancing the adoption of biofuels nationwide.
The official agreement was signed by Mainak Chakraborty, CEO and co-founder of GPS Renewables, and Santanu Gupta, Executive Director of Alternative Energy at IOC. The new venture will leverage advanced biogas technologies to convert organic waste into compressed biogas (CBG), providing a cleaner and renewable energy source. This initiative is expected to significantly reduce greenhouse gas emissions while offering a sustainable alternative to traditional fossil fuels.
By combining their expertise, IOC and GPS Renewables plan to accelerate the deployment of CBG plants throughout the country. These initiatives align with IOC’s long-term low-carbon development strategy, helping the company achieve its goal of net zero carbon emissions by 2046. Additionally, the use of CBG will reduce dependence on imported fossil fuels and support the rural economy by creating local employment opportunities.
IOC, the largest oil refining and fuel marketing company in India, partners with GPS Renewables, a comprehensive biofuels firm known for offering technology and project solutions for climate-positive biofuel projects. GPS Renewables has evolved from operating captive biogas plants to setting up some of the world’s largest CBG plants, including a flagship plant in Indore, Madhya Pradesh.
This joint venture represents a significant step forward in India’s efforts to adopt sustainable energy solutions and reduce its carbon footprint, showcasing the potential of public-private partnerships in addressing environmental challenges.