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GPS Renewables and IndianOil form Joint Venture for Sustainable Energy Solutions

The collaboration is expected to enhance India’s energy production capabilities and reduce the carbon footprint, contributing to the country’s broader sustainability objectives.

June 28, 2024. By News Bureau

GPS Renewables and IndianOil have signed an agreement to enter into 50:50 joint venture to deliver sustainable energy solutions across the country.

This association paves the way for both organisations to utilise their resources to foster sustainable renewable energy technologies, focusing on advancing biofuel adoption across the country.

The JV agreement was signed by Mainak Chakraborty, CEO & Co-Founder, GPS Renewables Pvt. Ltd. and Santanu Gupta, ED (Alternative Energy), IndianOil in the presence of IndianOil dignitaries Sujoy Choudhury, Director (P&BD), Senthil Kumar N., Director (Pipelines) with Addl. Charge of Director (Refineries) and Alok Sharma, Director (R&D), and V Subramaniam, Chairman of GPS Renewables was also present along with other senior officials from both organisations.

The joint venture will focus on converting organic waste into compressed biogas (CBG), integrating advanced biogas technologies. This will facilitate in reducing greenhouse gas emissions while providing a reliable and sustainable alternative to traditional fossil fuels. The joint venture aims to step up the deployment of CBG plants across the country.

These initiatives further strengthen IndianOil’s on-going low-carbon development strategy to achieve operational net zero by 2046, which will pave the way to attain a net-zero target by 2070 for India. CBG, a cleaner and renewable energy source, offers numerous benefits to the environment and India. This clean renewable energy source helps elevate energy security by limiting dependence on imported fossil fuels and strengthening the rural economy by creating employment opportunities.

GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. The company has scaled up to develop some of the world’s largest CBG plants, including the flagship 15 TPD CBG Plant in Indore, Madhya Pradesh.

IndianOil is relentlessly working on green energy pathways to catalyse India’s green transition, including emission mitigation, energy efficiency, fuel replacement and renewable energy projects.
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