Indian Oil, GPS Renewables enter into a joint venture to develop sustainable solutions

The 50:50 joint venture (JV) will focus on integrating advanced biogas technologies to convert organic waste into compressed biogas (CBG). This will significantly reduce greenhouse gas (GHG) emissions while providing a sustainable alternative to traditional fossil fuels.

Through this joint venture (JV), IOC and GPS Renewables aim to accelerate the deployment of Compressed Bio Gas (CBG) plants across the country. As a cleaner and renewable energy source, setting up CBG plants augurs well for IOC's long-term low-carbon development strategy and will support the firm in achieving net zero carbon emissions by 2046.

Besides, CBG will reduce the country’s reliance on imported fossil fuels and provide a leg-up to the rural economy in terms of generating local employment opportunities.

GPS Renewables holds expertise in biogas and has been responsible for implementing large-scale CBG plants, including a 15 TPD CBG Plant in Indore, Madhya Pradesh.

The government of India held a 51.50% stake in IOC, as of March 31, 2024. The company's standalone net profit dipped 51.90% to ₹4,837.69 crore in the fourth quarter (Q4) FY24 as compared to ₹10,058.69 crore registered in the previous year. Revenue from operations, excluding excise duty, declined by 2.47% to ₹1,97,978.23 ‬crore in the quarter that ended 31 March 31, 2024, from ₹2,02,994.07 crore recorded same period in the previous year.