New Delhi, June 19 (IANS): Public sector giant Indian Oil Corporation announced on Wednesday that it has signed an agreement with GPS Renewables Private Limited to form a 50:50 joint venture company dedicated to advancing biofuel adoption across the country.

According to an Indian Oil statement, 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.

The agreement was signed by Mainak Chakraborty, CEO & Co-Founder, GPS Renewables; and Santanu Gupta, ED (Alternative Energy), Indian Oil, in the presence of senior company officials.

Indian Oil and GPS Renewables aim to accelerate the deployment of CBG plants nationwide by leveraging their combined expertise.

The initiative will complement Indian Oil's long-term low-carbon development strategy and to achieve operational net-zero by 2046, which will also help in achieving net-zero target by 2070 for the country.

Indian Oil said it is working on green energy pathways to catalyse India's green transition, including emission mitigation, energy efficiency, fuel replacement and renewable energy projects.

GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects.

Starting from captive biogas plants, GPS Renewables has scaled up to set up some of the world's largest CBG plants, including the flagship 15 TPD CBG Plant at Indore in Madhya Pradesh.