Indian Oil Corporation Limited and Praj Industries Limited signed a term sheet to advance plans to strengthen biofuels production capacities in India. Various biofuels covered under this collaboration include sustainable aviation fuel (SAF), ethanol, compressed biogas (CBG), biodiesel and bio-bitumen among others.
In October 2021, both the companies entered into an agreement to form a joint venture for this.Talking about the development, Mr. Shrikant Madhav Vaidya, Chairman, IndianOil, said, “The collaboration with an Indian biofuel major – Praj, is a remarkable milestone in IndianOil’s green energy transition journey. It will strengthen our resolve to achieve our goal of net-zero operational emissions by 2046 and maintain our leadership in the green energy domain.”
Mr Vaidya also added that “India being an agrarian economy, offers the advantage of sufficient availability of feedstock. The indigenous biofuels will be a game changer in helping India chart its decarbonization journey. Biofuels offer a win-win situation by reducing dependence on crude imports, boosting the rural economy, and offering sustainable, cleaner mobility options.”
Dr. Pramod Chaudhari, Founder Chairman, Praj Industries said, ” IndianOil and Praj have been collaborating to facilitate India’s energy transition towards a greener future in the past as well. The nation’s first-of-its-kind advanced biofuels refinery at IndianOil’s Panipat complex is based on Praj’s proprietary 2G technology. This year in May, IndianOil and Praj partnered with AirAsia India and flew India’s first-ever commercial passenger flight powered by a blend of ‘indigenous’ Sustainable Aviation Fuel. We are proud of our partnership with IndianOil, which is further reinforced with this important milestone.”