Indian Oil, Praj to form JV for biofuels production
State-run Indian Oil Corporation (IOC) and Praj Industries on Thursday signed a term sheet to advance plans to strengthen biofuels production capacities in India.
Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others, Praj Industries said.
Earlier in October 2021, both the companies had entered into an agreement to form a 50:50 Joint Venture (JV) to this end, it added.
“The collaboration with an Indian biofuel major, Praj, is a remarkable milestone in IOC’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,” IOC Chairman Shrikant Madhav Vaidya said.
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 decarbonisation journey. Biofuels offer a win-win situation by reducing dependence on crude imports, boosting the rural economy, and offering sustainable, cleaner mobility options, he added.
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