Indian Oil has agreed to form a joint venture with Praj Industries for building 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.
Talking about the development, Mr. Shrikant Madhav Vaidya, Chairman, IndianOil, said, “The collaboration with an Indian biofuel major- Praj, is a remarkable milestone in IndianOil’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.”
Mr Vaidya also added that 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.
Dr. Pramod Chaudhari, Founder Chairman, Praj Industries said, “We are proud of our partnership with IndianOil, which is further reinforced with this important milestone. Biofuels positively impact the socio-economic and environmental aspects thereby facilitating sustainable development. Readying India to build sustainable aviation fuels production capacity in pursuit of clean skies is our priority, to strengthen Atmanirbhar Bharat.”
In its pursuit of energy self-reliance and harnessing captive resources, the country is ambitiously working on reshaping its transportation fuel mix through the integration of biofuels. These biofuels play a vital role in India’s thriving Bioeconomy, serving as a sustainable climate action tool.
IndianOil and Praj have a longstanding collaboration aimed at facilitating India’s transition towards a greener future. A notable milestone in this journey is the establishment of the nation’s first advanced biofuels refinery at IndianOil’s Panipat complex, which utilises Praj’s proprietary 2G technology.