Indian Oil Corporation added 1.59% to Rs 169.45 after the company said that it has entered into a joint venture agreement with GPS Renewables, one of the leading biofuels companies in the country.
The agreement will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuel adoption across the country.
The joint venture will focus on integrating advanced biogas technologies to convert organic waste into compressed biogas (CBG), a cleaner and renewable energy source. This will significantly reduce greenhouse gas emissions while providing a sustainable alternative to traditional fossil fuels.
GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. Starting from captive biogas plants, GPS Renewables has scaled up to set up some of the worlds largest CBG plants, including the flagship 15 TPD CBG Plant in Indore, Madhya Pradesh.
By leveraging their combined expertise, IndianOil and GPS Renewables aim to accelerate the deployment of CBG plants nationwide. These initiatives complement IndianOils long-term low-carbon development strategy and to achieve operational net zero by 2046.
Indian Oil Corporation is an Indian government owned oil and gas explorer and producer. As of 31 March 2024, the Government of India held 51.50% stake in the company.
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The companys standalone net profit tumbled 51.90% to Rs 4,837.69 crore in Q4 FY24 as compared than Rs 10,058.69 crore recorded in Q4 FY23. Revenue from operations (excluding excise duty) declined 2.47% to Rs 1,97,978.23 crore in the quarter ended 31 March 2024 from Rs 2,02,994.07 crore posted in Q4 FY23.
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