The board of the government-run Indian Oil Corporation (IOCL) approved joint ventures for the construction of compressed biogas (CBG) plants with EverEnviro Resource Management Pvt Ltd and GPS Renewables Pvt Ltd. According to the provisions of this contract, each party will hold a 50% equity investment in the new joint venture. The Union Ministry of Finance's NITI Aayog and other pertinent ministries still need to approve the venture's ultimate form and specifics.
This collaborative venture is consistent with EverEnviro's overarching objective to build more than 100 CBG plants across India. These facilities will use a range of feedstocks, including municipal solid waste (MSW), agricultural waste, and agricultural and industrial waste. In the next five years, the business plans to increase nationwide CBG output to 1000 metric tonnes per day.
About 20 CBG projects are currently being carried out by EverEnviro in states including Madhya Pradesh, Uttar Pradesh, Delhi, and Punjab. These projects anticipate a daily output of 320 metric tonnes of CBG, supported by a capital investment of over Rs 2,000 Crores. The largest biogas plant in India was built by the company and opened in February 2022 in Indore, where municipal garbage is converted into sustainable energy under the leadership of Prime Minister Narendra Modi. The Indian Oil board's decision on this joint venture was officially communicated to the Securities and Exchange Board of India (SEBI).
Indian Oil keeps looking into possible alliances in the alternative energy industry. The goal of the company is to become net-zero by 2046. In prior endeavours, 'GH4India Pvt Ltd', a green hydrogen business partnership with ReNew and L&T, was incorporated last month. Indian Oil and NTPC Green Energy Limited had signed a contract in March to create renewable energy projects that will reliably power IOCL refineries.
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