New Delhi 06-Jul-2023 – Release here
In a significant development today, Indian Oil Corporation Limited (IndianOil) and Praj Industries Limited (Praj) 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. Earlier in October 2021, both the 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, IndianOil, said, “The collaboration with an Indian biofuel major – Praj, is a remarkable milestone in IndianOil’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.”
Mr Vaidya also added that 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 decarbonization journey. Biofuels offer a win-win situation by reducing dependence on crude imports, boosting the rural economy, and offering sustainable, cleaner mobility options.
Dr. Pramod Chaudhari, Founder Chairman, Praj Industries said, “We are proud of our partnership with IndianOil, which is further reinforced with this important milestone. 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.”
In pursuit of energy self-reliance by leveraging captive resources, the country has aggressive plans to reconfigure the transportation fuel mix with biofuels. Biofuels are an integral part of India’s flourishing Bioeconomy that plays a significant role as a sustainable climate action tool.
IndianOil & 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 IndianOil’s Panipat complex is based on Praj’s proprietary 2 G technology. This year in May, IndianOil and Praj partnered with AirAsia India and flew India’s first-ever commercial passenger flight powered by a blend of ‘indigenous’ Sustainable Aviation Fuel.
About IndianOil
IndianOil is one of the largest and most trusted corporates and the top-ranked Indian energy PSU in the Fortune 500 rankings, with a Revenue from Operations of ₹ 9,34,953 crores for the financial year 2022-23. A diversified, integrated energy major, IndianOil has a presence in almost all the streams of oil, gas, petrochemicals, and alternative energy sources. With a 31000-plus workforce, extensive refining, distribution & marketing infrastructure, and advanced R&D facilities, IndianOil touches the lives of over a billion-plus Indians every day through its ever-expanding network of customer touchpoints, currently numbering over 58,000 across the country. The brand’s global aspirations are fulfilled through its strong business forays in Sri Lanka, Mauritius, the UAE, and other countries.
About Praj Industries Limited
Praj is India’s most accomplished industrial biotech company, known for its innovation, integration and delivery capabilities. It has a strong presence in the environment, energy, and agri-process industry in over 100 countries worldwide. Praj’s Bio-Mobility and Bio-Prism platforms contribute to the global bioeconomy by offering renewable transportation fuel solutions and technologies for producing sustainable chemicals and materials. The company’s R&D facility, Praj Matrix, supports its efforts towards a clean energy-based bioeconomy. Praj’s portfolio includes bio-energy solutions, critical process equipment, breweries, zero liquid discharge systems, and high-purity water systems.
Photo caption: IndianOil signed a term sheet with Praj Industries for building biofuels production capacities in India, in the presence of Mr S M Vaidya, Chairman, IndianOil (extreme left) and Dr. Pramod Chaudhari, Founder Chairman, Praj Industries (extreme right) at IndianOil Corporate Office in New Delhi today