State-run Indian Oil Corporation (IOC) said on Friday that its board has approved the proposal to form joint venture companies with EverEnviro Resource Management and GPS Renewables to set up compressed biogas (CBG) plants in India.
“To form 50:50 JV company in India between EverEnviro Resource Management and IndianOil or its wholly-owned subsidiary, subject to approval of NITI Aayog, DIPAM to set up CBG plants,” said the oil marketing company in a filing to the BSE.
Green push
IOC is the lead implementation agency for the Sustainable Alternative Towards Affordable Transportation (SATAT) initiative. In FY23, it successfully commissioned 22 CBG plants. To make CBG accessible to the public, it has introduced the IndiGreen brand and established 46 retail outlets.
These plants and retail outlets are in Maharashtra, Gujarat, Tamil Nadu, Andhra Pradesh, Telangana, Punjab, Haryana, Karnataka, and Uttar Pradesh. In FY23, IOC sold 5,822 tonnes of CBG, while cumulative sales were at 11,086 tonnes between September 2019 and March 2023.