IOC and GPS Renewables Join Forces for Sustainable Biofuel Revolution

State-owned Indian Oil Corporation (IOC) and GPS Renewables Pvt Ltd have formed a 50:50 joint venture to advance biofuel adoption in India. The partnership aims to convert organic waste into compressed biogas, reducing greenhouse gas emissions and supporting the rural economy by creating local employment opportunities.

In a landmark move towards sustainable energy, the state-owned Indian Oil Corporation (IOC) has partnered with GPS Renewables Pvt Ltd to foster biofuel adoption across India. Announced on Wednesday, the 50:50 joint venture aims to use advanced biogas technologies to convert organic waste into compressed biogas (CBG), positioning it as a cleaner and renewable energy source.

'This association will pave the way for the establishment of a dedicated joint venture company, aiming to significantly reduce greenhouse gas emissions while providing a sustainable alternative to conventional fossil fuels,' IOC stated in their official release.

The agreement was signed by Mainak Chakraborty, CEO & co-founder of GPS Renewables, and Santanu Gupta, Executive Director (Alternative Energy) at IOC. Both companies will leverage their combined expertise to accelerate the nationwide deployment of CBG plants, supporting IOC's long-term strategy of achieving net zero carbon emissions by 2046.

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