Indian Oil Corporation seals joint venture with EverEnviro to set up Biogas plants

Indian Oil Corporation Limited, a prominent leader in India’s oil refining and petroleum marketing sector, has made a significant announcement regarding the company’s move towards sustainable energy.

Today, the company’s board approved the formation of two 50:50 joint venture companies in India to establish Compressed Biogas Plants, aligning perfectly with the global shift towards cleaner energy solutions.

The first joint venture will be between Indian Oil or its wholly-owned subsidiary and EverEnviro Resource Management Private Limited. This partnership aims to develop Compressed Biogas Plants, crucial for India’s efforts to reduce its carbon footprint and promote sustainable energy sources. Compressed Biogas, produced from organic waste materials, serves as an eco-friendly alternative to conventional fuels, highlighting Indian Oil’s commitment to sustainable energy solutions.

The second joint venture will involve Indian Oil or its wholly-owned subsidiary and GPS Renewables Private Limited, sharing the same purpose. GPS Renewables, known for its expertise in waste-to-energy solutions, makes an ideal partner.

However, these announcements are subject to approval by key government bodies such as NITI Aayog and DIPAM (Department of Investment and Public Asset Management).

Compressed Biogas is emerging as a game-changer in the energy landscape, offering a clean and renewable energy source that significantly reduces greenhouse gas emissions and dependence on fossil fuels.

Net-Zero Emissions by 2046:
During its annual general meeting in August 2022, the company announced its Net-Zero emissions target by 2046. This historic declaration aligns with India’s Net-Zero commitment by 2070, announced as part of the Panchamrit goals by the Hon’ble Prime Minister at the COP-26 Summit.

To achieve this objective, the company plans to invest over INR 2.4 Lakh Crore by 2046, resulting in emissions mitigation of 0.7 billion metric tonnes by 2046, as per the last annual report of the company.

The company’s stock is currently trading at Rs 91.05 per share, representing a 1.38% increase from the previous day’s closing price of Rs 89.81 per share on the BSE. Its 52-week high and low are Rs 101.44 and Rs 65.20, respectively.

The company’s current market capitalization stands at Rs 1,28,573 crore, and the stock has generated a 40% return over the last year.