Sojitz Corporation (Sojitz) has announced its investment in IOC Gps Renewables - a special purpose company established jointly by GPS Renewables Private Limited (GPSR) and Indian Oil Corporation Ltd (IOCL), the largest state-owned oil company in India.
IOCL designs, constructs, operates, and provides maintenance for biomethane plants in India. Through this investment, Sojitz will enter the biomethane production and sales business in India.
IGRPL will work on the development and operation of a biomethane production and sales business using feedstock such as agricultural waste.
Through this business, IGRPL plans to have 30 biomethane plants operational in India by FY2026 - FY2027, producing and selling 160,000 tons of biomethane annually.
These projects have a total outlay of over USD 400 million. India is the third largest energy consumer in the world behind China and the US.
At present, India is reliant on fossil fuels such as coal and oil for approximately 70% of its energy consumption, and the country faces issues such as ensuring energy security and addressing air pollution from the practice of burning agricultural waste residues.
The Indian government is promoting the spread of biomethane and other biofuels produced domestically from agricultural waste to increase the country’s energy self-sufficiency rate.
Sojitz and GPSR aim to accelerate the expansion of biomethane production plant development and operation across India.
Sojitz enters biomethane production business in India
