In a significant move towards sustainable energy solutions, Indian Oil Corporation (IOC), India’s largest oil retailer, has entered into a joint venture agreement with EverEnviro Resource Management Pvt Ltd. The partnership aims to enhance the adoption of biofuels across the country, with both companies establishing a 50:50 joint venture.
The agreement was signed on Tuesday by Dr. Santanu Gupta, Executive Director (Alternative Energy) at Indian Oil, and Mahesh Girdhar, MD & CEO of EverEnviro. The signing ceremony was attended by several senior executives from Indian Oil, including N. Senthil Kumar (Director, Pipelines), Alok Sharma (Director, R&D), and Arvind Kumar (Director, Refineries), along with other officials from both organizations.
The newly formed joint venture will focus on integrating advanced biogas technologies to convert organic waste into Compressed Biogas (CBG), a cleaner and renewable energy source. This initiative aims to significantly reduce greenhouse gas emissions while providing a sustainable alternative to traditional fossil fuels. The partnership seeks to leverage the combined expertise of both companies to accelerate the deployment of CBG plants nationwide.
“This initiative complements IndianOil’s long-term low-carbon development strategy and its goal of achieving operational Net Zero by 2046, contributing to India’s broader Net-Zero target for 2070,” the statement noted. CBG is expected to bolster energy security by reducing dependence on imported fossil fuels and support the rural economy through the creation of local employment opportunities.
With this joint venture, Indian Oil and EverEnviro are set to play a pivotal role in advancing the biofuel sector in India, aligning with the nation’s commitment to sustainable energy practices.
