BPCL board approves JV with Sembcorp, GPS Renewables

Bharat Petroleum Corporation Limited (BPCL) is set to expand its presence in the renewable energy sector through two new joint ventures. The state-owned company’s Board of Directors has approved partnerships with Sembcorp Green Hydrogen India Pvt. Ltd. and GPS Renewables Pvt. Ltd., respectively.

The company said in an exchange filing on Thursday, September 12, that the Board of Directors approved the two joint ventures.

The joint venture with Sembcorp Green Hydrogen India aims to develop, build, and operate renewable energy and green hydrogen projects across India, including selling renewable energy and green hydrogen.

Both agreements are subjected to approval by regulators.

“Entering into a joint venture agreement with Sembcorp Green Hydrogen India Pvt. Ltd (SGHIPL) in the domain of Renewable Energy and Green Hydrogen, subject to regulatory approvals from NITI Aayog, DIPAM etc,” the exchange filing noted.

Bharat Petroleum aims to construct, operate and maintain compressed biogas plants across India, including the sale of compressed biogas and its derivatives.

“Entering into a joint venture agreement with M/s. GPS Renewables Pvt. Ltd (GPS) for setting up of Compressed Biogas (CBG) plants across India, subject to regulatory approvals from NITI Aayog, DIPAM etc,” the exchange filing said.

BPCL will have a 50 per cent shareholding in both joint ventures.

According to the exchange filing, BPCL aims to transition to energy and achieve its net zero targets through these joint ventures.