Board of Indian Oil Corporation Limited (IOCL) has approved the formation of joint venture (JV) with EverEnviro Resource Management Private Limited and GPS Renewables Private Limited for setting up compressed biogas (CBG) plants.
Both IOCL and EverEnviro will share equal stake in the JV, holding 50 per cent each. However, the final structure and details of the JV are still awaiting necessary approval.
The plants will utilise various feedstocks including municipal solid waste, agro waste, agro-industrial waste among others for the production of CBG. Moreover, EverEnviro plans to ramp up CBG production to 1,000 metric tonnes per day (mtpd) in the next five years.
Currently, EverEnviro is implementing 20 CBG projects in the states of Madhya Pradesh, Uttar Pradesh, Delhi and Punjab at an investment of Rs 20 billion. The plants would have production capacity of 320 mtpd.