In a notable development, Indian Oil Corporation Limited (IOCL) and GPS Renewables Private Limited have formed a joint venture (JV) for setting up compressed biogas (CBG) projects.
Both IOCL and GPS Renewables will have a 50 per cent stake each. It plans to integrate cutting-edge biogas technologies through the JV for the conversion of organic waste into CBG, resulting in reduced greenhouse gas emissions.
It aligns with IOCL’s low carbon development initiative to achieve operational net zero by 2046 and net zero by 2070. GPS Renewables is engaged in providing technology and project solutions for biofuel projects.