IndianOil and EverEnviro Resource Management Pvt. Ltd. to form Joint Venture for Sustainable Energy Solutions

In a landmark step towards fostering sustainable energy solutions in India, IndianOil, the 'Energy of India' has entered into a Joint Venture Agreement with EverEnviro Resource Management Pvt. Ltd., 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 agreement was signed by Dr. Santanu Gupta, Executive Director (Alternative Energy), IndianOil and Mr. Mahesh Girdhar, MD & CEO of EverEnviro in the presence of IndianQil dignitaries Mr. N Senthil Kumar, Director (Pipelines) holding additional charge of Director (P&BD), Mr. Alok Sharma, Director (R&D) and Mr. Arvind Kumar, Director (Refineries). Mr. Pravin Dongre, ED (Sustainable Development), IndianOil and Mr. Deepak Agarwal, ED, EverEnviro were also present besides other senior officials from both the organizations.

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.

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.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 165.40 as compared to the previous close of Rs. 163.20. The total number of shares traded during the day was 1263885 in over 12290 trades.

The stock hit an intraday high of Rs. 165.95 and intraday low of 162.80. The net turnover during the day was Rs. 207761579.00.

Source : Equity Bulls

Keywords

IndianOilCorporation INE242A01010 IOCL EnergyofIndia JVAgreement EverEnviroResourceManagement