IOC GPS Renewables Secures INR 836 Crore Loan from Indian Bank for 9 CBG Projects
IOC GPS Renewables (IGRPL), a joint venture between IndianOil and GPS Renewables, has secured INR 836 crore in debt financing from Indian Bank to develop nine compressed biogas projects across India, which includes four projects in Haryana, three in Uttar Pradesh, and one each in Chhattisgarh and Andhra Pradesh.
October 03, 2025. By Mrinmoy Dey
The facility agreements were executed on September 30, 2025 in New Delhi between Indian Bank and IGRPL, represented by its CEO, Devendra Singh Sehgal, and CFO, Punit Jain, the company said in a statement.
It further asserted that this funding is the largest single-bank debt raise in the Compressed Biogas sector (CBG). This is also the first case of a fully non-recourse debt raise in this sector.
The funds will be used towards development of CBG plants across India, with four projects in Haryana, three in Uttar Pradesh, and one each in Chhattisgarh and Andhra Pradesh. Each plant has a capacity to produce 15 tonnes of CBG per day and will use paddy straw as the primary feedstock. All nine plants are expected to be completed and commissioned in 2026.
Commenting on the fundraise, Devendra Singh Sehgal, CEO, IGRPL, said, “IGRPL was formed with an aim to scale India’s biogas infrastructure and drive wider adoption. This funding gives us the momentum to accelerate that mission. This is the first time that an OMC Joint Venture has secured a sanctioned loan for CBG projects without any corporate collateral, indicating IOCL’s strong credibility and the sector’s massive potential. This not only builds confidence among stakeholders but also encourages more large-scale investments in India’s clean energy sector.”
Deepak Agarwal, MD of GPSR ARYA (GPS Renewables’ asset platform), said, “Securing the largest single-bank funding in the CBG sector underscores the scale of the opportunity that exists. As the country makes significant strides towards a clean energy transition, our vision is to drive biofuel production and position India as a leading producer of renewable energy. This fundraise is a pivotal step in IGRPL’s journey as it enables us to execute our ambitious plan of building a nationwide network of CBG plants to significantly reduce our dependence on fossil fuels and lower greenhouse gas emissions.”
please contact: contact@energetica-india.net.
Vivek Bhide
Regional President (India) and Group Transformation Officer
John Cockerill to Expand Electrolyser and Green Steel Projects in India, Says Vivek Bhide
Dr. Mini Govindan
Senior Fellow, Social Transformation & CSR
She Matters: Women’s Participation Vital to Shaping India’s Clean Energy Future
Jameson Mendonca
Power Generation Business Leader
Cummins India’s Jameson Mendonca on Innovations in Gensets, Green Fuel, and Emission Compliance
Shilpy Dewan
VP – Markets, Operations & Digital
Digital Innovation and Storage will Drive India’s Green Future: Serentica’s Shilpy Dewan
Er. Neha Sakka
Electrical Engineer
She Matters: Women Remain Severely Underrepresented in EV and Green Workforces