IGRPL, An IndianOil-GPS JV, Raises ₹836 Cr in Landmark CBG Financing Deal

IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation Ltd. (IndianOil) and GPS Renewables, focused on advancing India’s biofuels sector, has raised INR 836 crore (approximately USD 95 million) in debt financing from Indian Bank for the execution of 9 Compressed Biogas Projects across the country. The facility agreements were executed on 30th September in New Delhi between Indian Bank and IGRPL, represented by its CEO, Devendra Singh Sehgal, and CFO, Punit Jain.

This funding is the largest single-bank debt raise in the Compressed Biogas sector (CBG) (also referred to as Renewable Natural Gas or RNG). This is also the first case of a fully non-recourse debt raise in this sector.

The funds will be used towards development of CBG plants across India, with 4 projects in Haryana, 3 in Uttar Pradesh, 1 in Chhattisgarh and 1 in Andhra Pradesh. Each plant has a capacity to produce 15 tonnes of CBG per day and will use paddy straw as the primary feedstock. All 9 plants are expected to be completed and commissioned in 2026.

Commenting on the fundraise, Devendra Singh Sehgal, CEO, IGRPL (IOC and GPS Renewables Private Limited), said, “IGRPL was formed with an aim to scale India’s biogas infrastructure and drive wider adoption. This funding gives us the momentum to accelerate that mission. This is the first time that an OMC Joint Venture has secured a sanctioned loan for CBG projects without any corporate collateral, indicating IOCL’s strong credibility and the sector’s massive potential. This not only builds confidence among stakeholders but also encourages more large-scale investments in India’s clean energy sector”

Deepak Agarwal, MD, of GPSR ARYA (GPS Renewables’ asset platform), said, “Securing the largest single-bank funding in the CBG sector underscores the scale of the opportunity that exists. As the country makes significant strides towards a clean energy transition, our vision is to drive biofuel production and position India as a leading producer of renewable energy. This fundraise is a pivotal step in IGRPL’s journey as it enables us to execute our ambitious plan of building a nationwide network of CBG plants to significantly reduce our dependence on fossil fuels and lower greenhouse gas emissions.”

About IGRPL

IGRPL is a 50:50 Joint Venture by IndianOil and GPS Renewables Arya established in 2024. The joint venture will focus on integrating advanced biogas technologies to convert organic waste into Compressed Biogas (CBG), a cleaner and renewable energy source. This will significantly reduce greenhouse gas emissions while providing a sustainable alternative to traditional fossil fuels. By leveraging their combined expertise, IndianOil and GPS Renewables aim to accelerate the deployment of CBG plants nationwide. These initiatives complement IndianOil’s long-term low-carbon development strategy and to achieve operational net zero by 2046, which will also help achieve net-zero target by 2070 for our Country. CBG offers numerous benefits to India and the environment. For the country, it promotes energy security by reducing dependence on imported fossil fuels and supports the rural economy by creating local employment opportunities.

About IndianOil

IndianOil, a leader in the global energy sector and ranked 116th on the Fortune Global 500 list, is driving India's transition to cleaner and greener energy with a strong focus on sustainability. The company has set an ambitious target of achieving operational Net-Zero Emissions by 2046, aligning with India's national goal of Net-Zero by 2070. Alongside its green energy focus, IndianOil remains a major player in the oil and gas industry, operating a refining capacity of 70.25 million metric tonnes per annum (MMTPA) and an extensive pipeline network stretching nearly 20,000 kilometers. IndianOil processes over 1.6 million barrels of crude oil daily and operates more than 61,000 customer touchpoints, including 37,500+ fuel stations. The company also serves over 150 million LPG customers and is a leader in the petrochemicals and lubricants segments. At the forefront of hydrogen mobility,biofuels, and electric vehicle infrastructure, IndianOil has installed over 10,028 EV charging stations across India, along with battery swapping services at key locations. As a promoter of the Government's SATAT initiative, IndianOil is advancing Compressed Biogas (CBG) under its "IndiGreen" brand. Additionally, the company has expanded its ethanol initiatives, launching E20 fuel at more than 5,700 outlets and Ethanol 100 fuel at 400 locations. IndianOil’s innovative solar cooktop, ‘Surya Nutan,’ is further proof of its commitment to clean energy, with plans to deploy 350 units in Madhya Pradesh. Beyond its core businesses, IndianOil remains dedicated to environmental sustainability, investing over Rs 457 crore in CSR projects focused on healthcare, education, skill development, and women empowerment. As IndianOil leads the charge towards a greener future, it continues to power the nation’s progress while expanding its presence in international

About GPSR (GPS Renewables) Group

Headquartered in Bengaluru, GPS Renewables (“GPSR”) is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. Starting from captive biogas plants, GPSR has scaled up to set up some of the world’s largest RNG plants. In 2022, GPS Renewables launched GPSR Arya Pvt Ltd (“ARYA”) a wholly-owned subsidiary, to commission BOO (Build-Own-Operate) projects, augmenting its climate impact ambitions.

GPSR has formed joint ventures with Indian Oil, Bharat Petroleum, and Oil India to build compressed biogas (CBG) plants across India. These plants will process agricultural and organic waste, reduce carbon emissions, and support the government’s SATAT initiative.

GPS Renewables to Manufacture High-Efficiency Biogas Agitators in India Under Exclusive BGTS Partnership

Image - biogastechnik-sued.de

GPS Renewables, a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects, and its subsidiary Proweps, have entered into an exclusive partnership with Germany-based Biogastechnik Süd GmbH (BGTS) to introduce Advanced Paddle Agitators (mixers) under their brand Varibull to India. This partnership aims to improve operational efficiency of biogas plants and reduce costs for Indian CBG (Compressed Biogas) Developers.

Currently, most CBG developers use conventional agitators – mechanical devices that mix organic waste and water within anaerobic digester. These consume more power and are inefficient in handling high fibrous substrates like paddy straw or Napier grass often leading to operational challenges such as poor mixing, crust formation and deposits inside biogas digesters. These inefficiencies are addressed by the Varibull Paddle Agitator, developed by Biogastechnik Süd in Germany. It offers high mixing efficiency, better handling of difficult substrates and significantly lower power consumption.

The agitator will be manufactured at GPS Renewables’ facility in Bengaluru and it will be offered competitively than currently available conventional biogas equipment. The company also plans to explore exports from India to other markets as part of its larger goal of making advanced biogas technologies easily accessible.

Rajesh Ayyappasur, Director - Business Development & Partnerships at GPS Renewables, said, “At GPS Renewables, our focus has always been on introducing innovative technologies that can categorically address challenges in biogas production in India. We do this either through our in-house solutions or through collaborations with global experts. This partnership with Biogastechnik Süd Germany marks a significant milestone for us as we enter into a new product category with the introduction of paddle agitators. Biogastechnik Süd is a pioneer in biogas components, and their Varibull Paddle Agitator is one of the best-selling agitators worldwide, trusted for its durability, low maintenance, and efficiency.”

Mainak Chakraborty, CEO and Co-founder, GPS Renewables, said, “Many Indian CBG plants that rely on conventional agitators face crusting, sediment build-up, uneven mixing, higher power consumption, and frequent breakdowns—challenges that directly impact throughput and reliability. As India’s leading full-stack biofuel firm offering TEPC services and critical process equipment under the OptiMaxx brand, we are committed to solving these issues through global technology partnerships, in-house R&D, and strong execution on the ground. Proven paddle agitators like Varibull from BGTS are purpose-built for tough substrates and will enable efficient mixing, lower energy use, and reliable, low-maintenance operation for CBG developers.”

Gregor Maier, CEO of Biogastechnik Süd, said, “At Biogastechnik Süd, our mission has always been to deliver reliable, efficient and durable technologies that add long-term value to biogas operators worldwide. India is one of the most important growth markets for bioenergy, and we are proud to partner with GPS Renewables, whose strong execution capabilities and deep sector understanding make them the ideal partner for localizing our solutions. The integration of our Varibull Paddle Agitator will help Indian plants maximize performance, reduce downtime, and ensure sustainable operations over decades.”

Robert Ohneberg, International Sales Manager at Biogastechnik Süd, added, “Our products are designed to perform under the toughest operating conditions. Many biogas and CBG plants in India struggle with uneven mixing, sedimentation, and excessive energy consumption. With GPS Renewables, we are confident that we can address these challenges effectively. The Varibull Paddle Agitator has become one of the best-selling agitators worldwide for its robustness, minimal maintenance needs, and efficiency. By bringing it to India, we aim to support developers and operators in achieving higher process stability, greater gas yields, and reduced lifecycle costs.”

Through this partnership, GPS Renewables will distribute and integrate Biogastechnik Süd paddle agitator technology within its turnkey plant solutions and OptiMaxx equipment portfolio, offering Indian CBG developers a proven, future-ready mixing solution.

About GPSR (GPS Renewables) Group

Headquartered in Bengaluru, GPS Renewables (“GPSR”) is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. Starting from captive biogas plants, GPSR has scaled up to set up some of the world’s largest RNG plants. In 2022, GPS Renewables launched GPSR Arya Pvt Ltd (“ARYA”) a wholly-owned subsidiary, to commission BOO (Build-Own-Operate) projects, augmenting its climate impact ambitions.

GPSR has formed joint ventures with Indian Oil, Bharat Petroleum, and Oil India to build compressed biogas (CBG) plants across India. These plants will process agricultural and organic waste, reduce carbon emissions, and support the government’s SATAT initiative.

About Biogastechnik Süd GmbH

In 1999, Biogastechnik Süd’s founders Clemens and Gregor Maier created the Varibull paddle agitator to overcome crusting and poor mixing issues on their own farm. Today, Varibull is the world’s best-selling mixer, proven in thousands of installations. Over the years, BGTS has expanded into a full range of biogas solutions—including paddle agitators, screw presses, feeding systems, and other critical plant components—developed from practice, for practice. This farmer-driven innovation ensures durable, low-maintenance, and energy-efficient technologies that deliver sustainable success for CBG developers worldwide.

About proweps

proweps envirotec GmbH is a Germany based international active consulting and engineering company specialized in technologies to utilize organic waste and biomass for biogas, biomethane or BioCNG or BioLNG production. The company offers a wide range of engineering services that are necessary for the realization of turnkey treatment plants. This includes feasibility studies, design & engineering, project management, supervision of construction and commissioning Furthermore key process equipment or key technologies required for turnkey plants are delivered as pretreatment, pasteurization, digester systems are completely supplied on customer demand. Long time international experience is the key for many successful projects realized on the international waste and biomethane market.

Japan's Sojitz Steps into India’s Clean Energy Sector through GPS Renewables’ New $400 Mn Biomethane Platform

Sojitz Corporation (“Sojitz”) invests in a holding structure of the special purpose company established jointly by GPS Renewables Private Limited. (“GPSR”) and Indian Oil Corporation Ltd. (“IOCL”), which designs, constructs, operates, and provides maintenance for biomethane plants in India (“GPSR-IOCL Biomethane Platform”). Through this strategic investment, Sojitz will foray into biomethane production and sales in India.

Sojitz will work in collaboration with IOC GPS Renewables Pvt. Ltd. (IGRPL), a joint venture between GPS Renewables and Indian Oil Corporation Ltd, to develop and operate biomethane production facilities using agricultural waste as feedstock. IGRPL plans to establish 30 biomethane plants by FY 2026 - FY 2027 with a production capacity of 160,000 tons of biomethane annually. These projects have a total outlay of over USD 400 Mn. EY was the exclusive M&A investment banker and Cyril Amarchand Mangaldas led by Partner Alok Sonkar was the transaction advisor representing GPS Renewables.

GPS Renewables and Sojitz Corporation

Biomethane is produced by purifying biogas and it can be a direct replacement for fossil fuel, significantly reducing greenhouse gas emissions and promoting circular economy.

Commenting on the investment, Mainak Chakraborty, CEO and Co-Founder, GPS Renewables, said, “Sojitz and GPSR group have a shared vision of improving India’s energy self-sufficiency. As the country’s energy demand continues to rapidly grow, it’s crucial for us to prioritize biofuels and find ways to reduce our dependence on fossil fuels. This collaboration with Sojitz is a step towards increasing the production of cleaner sources of energy while reducing air pollution caused by the open burning of agricultural waste”.

Sojitz indicates that India is one of its key strategic markets and plans to play an active role in its transition to renewable energy. Green transformation (GX) business is a priority for Sojitz, and to advance this initiative further, a dedicated organization has been set up to drive their GX initiatives. Sojitz currently focuses on developing renewable energy projects that have the potential to accelerate India’s biomethane sector while also addressing a few key environmental concerns such as air pollution.

Through this investment, Sojitz and GPSR will work to drive India’s clean energy goals by accelerating the expansion of biomethane production and operation across the country. The companies will leverage GPSR’s expertise in biomethane production processes, technology expertise, indepth experience in design, construction, operation, and maintenance of biomethane plants. Additionally, IOCL’s expansive network with gas consumers will play a crucial role in scaling distribution. Furthermore, Sojitz will assess opportunities for biomethane production beyond India by deploying GPSR’s technology in new regions to explore opportunities in the broader bioenergy sector.

About Sojitz Group

Sojitz Corporation was formed out of the union of Nichimen Corporation and Nissho Iwai Corporation, both companies that boast incredibly long histories. For more than 160 years, their business has helped support the development of countless countries and regions. Today, the Sojitz Group consists of approximately 400 subsidiaries and affiliates located in Japan and throughout the world, developing wide-ranging general trading company operations in a multitude of countries and regions.

Sojitz Group is engaged in a wide range of businesses globally, including manufacturing, selling, importing, and exporting a variety of products, in addition to providing services and investing in diversified businesses, both in Japan and overseas. Sojitz operates with a 7-division structure comprising the Automotive Division; the Aerospace, Transportation & Infrastructure Division; the Energy Solutions & Healthcare Division; the Metals, Mineral Resources & Recycling Division; the Chemicals Division; the Consumer Industry & Agriculture Business Division; and the Retail & Consumer Service Division.

About GPSR Group

Headquartered in Bengaluru, GPS Renewables (“GPSR”) is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. Starting from captive biogas plants, GPSR has scaled up to set up some of the world’s largest RNG plants. In 2022, GPS Renewables launched GPSR Arya Pvt Ltd (“ARYA”) a wholly-owned subsidiary, to commission BOO (Build-Own-Operate) projects, augmenting its climate impact ambitions.

Suzuki to Invest in NDDB Subsidiary to Setup Biogas Plants in India

Suzuki Motor Corporation has signed an agreement to invest in NDDB Mrida Limited, a wholly owned subsidiary of the National Dairy Development Board (hereinafter, NDDB), through Suzuki R&D Center India Private Limited, a wholly owned subsidiary of Suzuki in India.

A signing ceremony was held at NDDB headquarters in Anand, Gujarat, on Wednesday, with NDDB’s Executive Director S Rajeev, Suzuki’s President Toshihiro Suzuki and main Indian dairy industry in attendance.

The biogas plants will utilize cow dung to produce biogas, which will then be purified and compressed to generate compressed biomethane gas for vehicles. This project aims to promote environmental conservation and agricultural development while providing clean energy.

Suzuki Motor Corporation plans to invest over ₹250 crores (approximately $30 million USD) in setting up five biogas CNG plants in the Banaskantha district of Gujarat, India. These plants are expected to be operational by 2025 and will contribute to Suzuki's goal of achieving carbon neutrality in India.

It's a significant investment that will help promote sustainable energy solutions and support rural mobility services using biogas.

Mrida is a wholly owned subsidiary of NDDB, which was established in July 2022 to promote environmental conservation and agricultural development. The company establishes and operates biogas plants by using cow dung in India. Suzuki plans to expand its biogas business by establishing and operating biogas plants in cooperation with dairy cooperatives across India through Mrida.

Suzuki is also promoting rural mobility services using biogas fuel for CNG vehicles. This initiative aims to provide clean and affordable transportation in rural areas, starting with the Banaskantha district in Gujarat. In July this year, Suzuki concluded a three-party MoU for the basic agreement between Suzuki R&D Center India Private Limited, a wholly owned subsidiary of Suzuki in India, National Dairy Development Board (NDDB), and Banas Dairy (Headquarters: Banaskantha district, Gujarat) to setup the 5th biogas production plant as well as to promote rural mobility service utilizing biogas, which would contribute toward realizing carbon neutrality in India.

Notably, Suzuki has also signed agreements with Amul Dairy in Anand and Dudhsagar Dairy in Mehsana to establish additional biogas plants. These plants will further expand Suzuki's biogas business in Gujarat.