Indian Oil to form JV with EverEnviro Resource Management | Capital Market News
Indian Oil to form JV with EverEnviro Resource Management | Capital Market News
To focus on advancing biofuel adoption in India
Indian Oil as entered into a Joint Venture Agreement with EverEnviro
Resource Management, a leading biofuels company in the country. This association 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. By leveraging their combined expertise, IndianOil and EverEnviro aim to accelerate the deployment of CBG plants nationwide.
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These initiatives complement IndianOil’s long-term low-carbon development strategy and achievement of operational Net Zero goal by 2046, which will also help in achieving the Net-Zero target for India by the year 2070. CBG offers numerous benefits to India and the environment. For the country, it promotes energy security by reducing dependence on imported fossil fuels and supports the rural economy by creating local employment opportunities.
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First Published: Oct 14 2024 | 9:18 PM IST
