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Both companies had entered into an agreement to form a 50:50 Joint Venture to this end
Date: July 6, 2023
New Delhi/Pune – Indian Oil ltd. of New Delhi and Praj Industries Limited of Pune have signed a term sheet to advance plans to strengthen biofuels production capacities in India. Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Biogas (CBG), Biodiesel and Bio-bitumen among others. In October 2021, both companies had entered into an agreement to form a 50:50 Joint Venture to this end.
Talking about the development, Mr. Shrikant Madhav Vaidya, Chairman, Indian Oil, said, "The collaboration with an Indian biofuel major – Praj, is a remarkable milestone in Indian Oil’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.”
Dr. Pramod Chaudhari, Founder Chairman, Praj Industries said, " Indian Oil and Praj have been collaborating to facilitate India’s energy transition towards a greener future in the past as well. The nation’s first-of-its-kind advanced biofuels refinery at Indian Oil’s Panipat complex is based on Praj’s proprietary 2G technology.”
