News Release Details

IndianOil & Praj to form JV for building Biofuels production capacities in India
New Delhi 06-Jul-2023

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

Subimal Mondal
Executive Director I/c (Human Resources)
Indian Oil Corporation Limited

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By using the Site, you agree to follow and be bound by the following terms and conditions concerning your use of the Site. IndianOil may revise the Terms of Use at any time without notice to you. Areas of the Site may have different terms of use posted. If there is a conflict between the Terms of Use and terms of use posted for a specific area of the Site, the latter shall have precedence with respect to your use of that area of the Site.
ndianOil may terminate User's access at any time for any reason. The provisions regarding to disclaimer of warranty, accuracy of information, and indemnification shall survive such termination. IndianOil may monitor access to the Site.
All content present on this site is the exclusive property of IndianOil. The software, text, images, graphics, video and audio used on this site belong to IndianOil. No material from this site may be copied, modified, reproduced, republished, uploaded, transmitted, posted or distributed in any form without prior written permission from IndianOil. All rights not expressly granted herein are reserved. Unauthorized use of the materials appearing on this site may violate copyright, trademark and other applicable laws, and could result in criminal or civil penalties. IndianOil is a registered trademark of Indian Oil Corporation Ltd. This trademark may not be used in any manner without prior written consent from IndianOil.
IndianOil does not make any warranties, express or implied, including, without limitation, those of merchantability and fitness for a particular purpose, with respect to any information, data, statements or products made available on the Site.
The Site, and all content, materials, information, software, products and services provided on the Site, are provided on an "as is" and "as available" basis. IndianOil expressly disclaims all warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.
IndianOil shall have no responsibility for any damage to User's computer system or loss of data that results from the download of any content, materials, information from the Site.
IndianOil may change or discontinue any aspect of its website at any time, including, its content or features. IndianOil reserves the right to change the terms and conditions applicable to use of the Site. Such changes shall be effective immediately upon notice, which shall be placed on the Site.
In no event will IndianOil be liable for damages of any kind, including without limitation, direct, incidental or consequential damages (including, but not limited to, damages for lost profits, business interruption and loss of programs or information) arising out of the use of or inability to use IndianOil's website, or any information provided on the website, or in the Products any claim attributable to errors, omissions or other inaccuracies in the Product or interpretations thereof. Some jurisdictions do not allow the limitation or exclusion of liability. Accordingly, some of the above limitations may not apply to the User.
User agrees to indemnify, defend and hold IndianOil harmless from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, arising out of or relating to any misuse by the User of the content and services provided on the Site.
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