Indian Oil, Praj to form JV for biofuels production

Indian Oil Corporation (IOC) and Praj Industries 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 Bio-Gas (CBG), Biodiesel and Bio-bitumen among others, Praj Industries said.

Earlier in October 2021, both the companies had entered into an agreement to form a 50:50 Joint Venture (JV) to this end, it added.

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, he added.

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, he added.