Latest news with #GPSRenewables
Time of India
28-04-2025
- Business
- Time of India
Indian Oil GPS Renewables to invest Rs 1,200 crore in biogas projects across states
New Delhi: Indian Oil GPS Renewables (IGRPL) has drawn up plans to invest around Rs 1,200 crore to set up ten Compressed Biogas (CBG) projects across Uttar Pradesh, Haryana, Chhattisgarh and Andhra Pradesh. The plants will be commissioned within a year, marking a significant milestone in India's efforts to give a fillip to the biofuel industry . Based on the technology and the feedstock type that is being currently contemplated, setting up each of these plants of 15 tonne per day (TPD) capacity would require an expenditure of around Rs 120 crore, IGRPL Chief Executive Officer (CEO) Devendra Singh Sehgal said in an interview. "So, we would invest around Rs 1,200 crore in setting up the ten plants by March 2026. These will be based on 30 per cent equity and 70 per cent debt funding," he said. IGRPL is a joint venture between Indian Oil Corporation (IOC) and GPS Renewables , set up in June 2024 with the specific mandate to install and commission CBG projects. In order to fund the equity portion of the planned Rs 1,200 crore investment, the two JV partners plan to bring in 15 per cent equity each. Sehgal said in order to secure a loan to the extent of 70 percent of the cost, the company's talks with the banks are in an advanced stage. "Many banks have been forthcoming and we have zeroed down on a particular bank and the Techno-Economic Viability (TEV) report is currently under preparation which will be provided to the Bank to complete approval process at its end," he said. IOC has an ambition to achieve Net Zero target by 2046 and it is trying to align with experienced players in this area, and GPS Renewables operates the world's largest biogas engineering setup. Of the ten CBG projects being set up by IGRPL, four are coming up in Haryana, four in Uttar Pradesh, and one each at Chhattisgarh and Andhra Pradesh. These plants will be based on rice straw feedstock and each of them will have a capacity of 15 Tonne per Day (TPD) of biogas production along with other byproducts. "We have already awarded Lump Sum Turn Key (LSTK) contracts for nine projects and the sites are in our possession at majority of the locations. Also, at most of the locations, construction work is going to start this month itself. Various other tie-ups, like securing biomass, gas offtake etc are also done, Sehgal said, adding that both basic and detailed engineering have advanced sufficiently to enable the start of construction work and sustain it. The combined production capacity of the ten plants would be around 52,500 Tonnes per Annum, and each of them will produce 15 Tonnes of biogas per day and byproducts like fuel pellets, fermented organic manure etc. IGRPL will also start discussions with fertiliser companies like Kribhco, Iffco, HURL etc for lifting of fertilizer related byproduct. "For the offtake of CBG, we are entering into tripartite agreements with CGD entities and GAIL. We have already initiated dialogue with HPCL and GAIL for offtake from our Jind project where we have already concluded the TPA. The tie-up is for offtake of complete quantity on the best effort basis," Sehgal said. IOGRPL plans to sign similar TPAs for all the projects over time. The other options available for ensuring assured offtake include direct pipeline injection or through cascades to CGD RO locations.
Business Standard
23-04-2025
- Business
- Business Standard
Bharat Petroleum Corporation enters in JV agreement with GPS Renewables
To establish Compressed Biogas (CBG) plants across India Bharat Petroleum Corporation (BPCL) and GPS Renewables have entered into a Joint Venture (JV) agreement to establish Compressed Biogas (CBG) plants across India. This strategic alliance is a significant step towards advancing India's energy transition and contributing to BPCL's Net Zero goals. The joint venture will focus on converting organic Biomass waste into Compressed Biogas, a renewable and eco-friendly energy source. By leveraging advanced waste to-energy technologies, this initiative aims to address critical environmental challenges, including - 1. Agricultural residue management: Providing a viable solution to stubble burning, which contributes to air pollution and soil degradation. 2. Greenhouse gas reduction: Mitigating climate change by reducing emissions. 3. Sustainable rural development: Creating a structured value chain for agri-residue procurement, generating an additional income source for farmers. The Joint Venture plans to establish 8 - 10 plants across Bihar, Odisha, Punjab, Uttar Pradesh and West Bengal, over the next few years, which offer significant agri biomass potential for CBG production and aligned with BPCL's existing geographical allocation for city gas distribution. This reduces logistics costs and promotes efficient operations.
Business Upturn
23-04-2025
- Business
- Business Upturn
BPCL partners with GPS Renewables to set up compressed biogas plants across India
By Aditya Bhagchandani Published on April 23, 2025, 17:06 IST Bharat Petroleum Corporation has officially entered into a joint venture with Bengaluru-based GPS Renewables to establish Compressed Biogas (CBG) plants across India. The agreement was signed on April 23, 2025, as part of BPCL's broader strategy to support India's clean energy goals and meet upcoming CBG blending obligations. 50:50 joint venture for clean energy expansion As per the agreement, BPCL and GPS Renewables will each hold a 50% stake in the newly formed private joint venture company. The initial paid-up capital of the JV stands at Rs 8 crore, equally subscribed by both entities. The authorised share capital is set at Rs 200 crore, indicating significant scale and expansion potential. The scope of this JV includes the construction, operation, and maintenance of CBG plants, as well as the sale of biogas and its derivatives across India. Governance and structure The JV will operate as a private limited company, with equal rights granted to both partners in terms of director appointments. BPCL will nominate the first chairman, while the CEO and CFO positions will rotate every three years, starting with the CEO from GPS and CFO from BPCL. This move aligns with BPCL's energy transition and net-zero initiatives, reinforcing its position in the renewable energy space. FAQs What is the purpose of BPCL's joint venture with GPS Renewables? To construct and operate Compressed Biogas plants across India and support BPCL's green energy and net-zero goals. What is the shareholding ratio in the joint venture? BPCL and GPS Renewables each hold a 50% stake. How much capital is being infused initially? Rs 8 crore as paid-up capital, with an authorised capital of Rs 200 crore. Will this joint venture impact BPCL's CBG blending targets? Yes, it is intended to help BPCL meet mandated CBG blending obligations in the coming years. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
