Indian Oil Corporation (IOCL) and EverEnviro Resource Management have entered into a joint venture agreement with the objective of converting organic waste into compressed biogas (CBG). The companies will have equal ownership in the joint venture (JV) company.
The JV will focus on integrating advanced biogas technologies to promote the adoption of biofuels at a national level and convert organic waste into CBG. IOCL and EverEnviro aim to fasten the deployment of CBG plants nationwide. These initiatives complement IOCL long-term low-carbon development strategy and achievement of the operational net zero goal by 2046.
In October 2023, the IOCL Board approved Rs 16.6 billion investment, securing a 50 per cent stake in the joint venture with NTPC Green Energy Limited for development of renewable power plants. In September 2023, IOCL issued a request for proposal to appoint a technical consultant to seek project management and consultancy services for the development of renewable energy projects. The projects will be located at various locations across India.
