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.

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.

Devendra Singh Sehgal appointed as CEO of IGRPL, a JV Between IndianOil Corporation Limited & GPS Renewables

Devendra Singh Sehgal

IGRPL, a joint venture between IndianOil and GPS Renewables, focused on advancing India’s biofuels sector and accelerating the country’s transition to sustainable energy, has appointed Devendra Singh Sehgal as its Chief Executive Officer. With nearly four decades of experience in large-scale infrastructure and petrochemical projects, Mr. Devendra Singh Sehgal will lead key initiatives to scale biofuel projects and meet India’s growing demand for sustainable energy sources.

A Civil Engineer from NIT Surat and MBA from Guwahati University, Mr. Sehgal brings 39 years of industry experience and has led Indian Oil Corporation’s Mega Refinery and Petrochemical Projects. He served as Director on the Board of Hindustan Urvarak & Rasayan Limited, overseeing major fertilizer plants. His expertise spans the entire project lifecycle, from conceptualization to commissioning, with contributions to projects like Panipat Refinery, Mathura Refinery, Paradip Petrochemical Project, and Panipat Naphtha Cracker Project. His leadership in strategic planning, project execution, and cost optimization has enhanced efficiency and innovation. Prior to joining IGRPL, Mr Sehgal served as Executive Director at IndianOil.

Commenting on his appointment, Devendra Singh Sehgal, CEO, IGRPL (IndianOil and GPS Renewables Private Limited), said, “ The joint venture between GPS Renewables and IndianOil is a landmark step towards enhancing India’s bio-economy. This new venture holds immense potential to support India’s ambition of setting up 5,000 CBG plants. I am excited to join the team and lead their initiative to accelerate India’s transition towards clean energy.”

Mainak Chakraborty, CEO and Co-Founder of GPS Renewables, said, “Mr. Sehgal’s four-decade-long experience in the oil industry will be a tremendous value addition to IGRPL. Our foremost aim through this joint venture is to promote energy security nationwide, and to achieve this, we have aggressively charted out a plan to build a nationwide network of CBG plants that will significantly reduce our dependence on fossil fuels and lower greenhouse gas emissions. Devendra Singh Sehgal will play a key role in leading this initiative and his expertise in the sector will help us realize our vision of driving large-scale adoption biofuels in India”

About IGRPL

IGRPL is a 50:50 Joint Venture by IndianOil and 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 Arya 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 GPS Renewables

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.

IndianOil and GPS Renewables Form Joint Venture for Sustainable Energy Solutions

In a landmark step towards fostering sustainable energy solutions in India, IndianOil, the ‘Energy of India’, has entered into a Joint Venture Agreement with GPS Renewables Private Limited, one of the leading biofuels Companies in the country. This association will pave the way for the formation of a 50:50 joint venture company dedicated to advancing biofuel adoption across the country.

The agreement was signed by Mr Mainak Chakraborty, CEO & Co-Founder, GPS Renewables Pvt Ltd. and Mr Santanu Gupta, ED (Alternative Energy), IndianOil in the presence of IndianOil dignitaries Mr Sujoy Choudhury, Director (P&BD), Mr Senthil Kumar N., Director (Pipelines) with Addl. Charge of Director (Refineries) and Mr Alok Sharma, Director (R&D). Mr. V Subramaniam, Chairman of GPS Renewables was also present besides other senior officials from both the organizations.

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.

IndianOil is a diversified, integrated energy major with business interests encompassing the entire hydrocarbon value chain - from refining, pipeline transportation & marketing to exploration & production of crude oil & gas, petrochemicals, and alternative energy sources. IndianOil is relentlessly working on green energy pathways to catalyse India’s green transition, including emission mitigation, energy efficiency, fuel replacement and renewable energy projects.

GPS Renewables is a full-stack biofuels firm offering technology and project solutions for climate-positive biofuel projects. Starting from captive biogas plants, GPS Renewables has scaled up to set up some of the world’s largest CBG plants, including the flagship 15 TPD CBG Plant in Indore, Madhya Pradesh.

IndianOil Equips Indian Army with Green Hydrogen Fuel Cell Bus for use in Delhi-NCR

In a significant step towards promoting sustainable, eco-friendly transportation solutions, IndianOil has handed over a state-of-the-art green hydrogen fuel cell bus to the Indian Army. This landmark event was marked by the signing of a Memorandum of Understanding (MoU) between IndianOil and the Indian Army to pioneer the deployment of hydrogen fuel cell technology for heavy-duty e-mobility.

The hydrogen fuel cell bus has a seating capacity of 37 passengers and promises an impressive mileage of 250-300 km on a full 30 kg tank of hydrogen fuel. This collaboration marks the Indian Army's commitment to adopting innovative technologies that enhance operational capabilities while ensuring environmental sustainability.

IndianOil is currently operating 15 fuel cell buses in the Delhi-NCR region, accumulating a total mileage of 300,000 kilometers, which works out to 20,000 km for each bus. The project will assess the performance of these buses in the demanding climatic conditions of the region and evaluate the effectiveness, longevity, and operational reliability of fuel cell buses intended for public fleet utilization.

The handing over and signing ceremony was held at the National War Memorial, India Gate, New Delhi, in the presence of General Manoj Pande (PVSM, AVSM, VSM, ADC), Chief of Army Staff, Mr. S M Vaidya, Chairman, IndianOil and senior officials of IndianOil and Indian Army.

General Manoj Pande, PVSM, AVSM, VSM, ADC, the Chief of Army Staff of the Indian Army shared his thoughts on the collaboration, stating, "The partnership between IndianOil and the Indian Army spans over six decades and is built on an unbreakable bond of trust. The Indian Army is committed to exploring and adopting innovative technologies that enhance our operational capabilities while ensuring environmental sustainability. We will be testing one of the hydrogen buses, and I must thank IndianOil for choosing the Indian Army as their partner."

Mr. S M Vaidya, Chairman, IndianOil, expressed his enthusiasm about this initiative, stating, "It is indeed a very momentous day today that a bus which is part of the green hydrogen fuel cell bus fleet will now be operated by the Indian Army. This collaboration with the Indian Army is a landmark step towards a greener and more sustainable future. IndianOil is currently operating 15 fuel cell buses in the Delhi-NCR region accumulating a total mileage of 300,000 kilometers i.e. 20000 kms on each bus”.

This initiative aims to promote hydrogen and fuel cell technology for heavy-duty e-mobility, positioning the Indian Army as a pioneer in evaluating this technology in collaboration with IndianOil, the premier energy company of India. The project will assess the performance of fuel cell electric buses for public transit in the demanding climatic conditions of the Delhi NCR region, analyzing the impact of local fuel and air quality on the performance of fuel cell systems and vehicles. Additionally, it will evaluate the effectiveness, longevity, and operational reliability of fuel cell buses intended for public fleet utilization.

This initiative marks a pivotal step in the journey towards sustainable transportation, setting a precedent for future collaborations aimed at advancing green hydrogen and fuel cell technologies in India.

IndianOil and Panasonic Energy To Form JV for Manufacturing Lithium-Ion Cells in India

Indian Oil Corporation Limited and Japan's Panasonic Energy Co. Ltd., a Panasonic Group company, have signed a binding term sheet to form a joint venture (JV) for manufacturing cylindrical lithium-ion cells in India.

This initiative is driven by the anticipated expansion of demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market. Cylindrical lithium-ion batteries are commonly used in consumer electronics, power tools, and electric vehicles.

The two companies are engaging in a feasibility study regarding the utilization of battery technology to facilitate the transition to clean energy in India.

State-owned IOCL aims to achieve net-zero carbon emissions by 2046, aligning with the Indian government's plan to achieve net-zero for the country as a whole by 2070.

Through its partnership with IndianOil, Panasonic Energy aims to address environmental challenges, such as reducing CO2 emissions, as well as to contribute to establishing a complete supply chain ecosystem for improving India's self-reliance and fortifying India's position in the global energy landscape. This will also lead to the growth of India's battery industry by enhancing cell technology and creating domestic demand for raw materials and new entrants.

Leveraging its expertise in battery development and manufacturing, Panasonic Energy strives to contribute to the growth of the lithium-ion battery industry and India's energy transition, while pursuing its mission of helping to build a sustainable society.

Established in April 2022, Panasonic Energy provides battery technology-based products and solutions globally.

IndianOil aims to address environmental challenges, such as reducing CO2 emissions, through its partnership with Panasonic Energy. Leveraging Panasonic Energy’s expertise in battery development and manufacturing, both companies will strive to contribute to the growth of the lithium-ion battery industry and to India's energy transition, while pursuing its mission of helping to build a sustainable society.

Larsen & Toubro's Hydrocarbon Vertical Secures Large Project from IndianOil Adani Ventures

The Hydrocarbon vertical (L&T Energy Hydrocarbon – LTEH) of Larsen & Toubro (L&T) has recently secured a large onshore project from IndianOil Adani Ventures Limited.

The scope of work includes engineering, procurement, construction, and commissioning of Offsite Tankages, Bullets and other associated facilities on Lump Sum Turnkey basis.

According to the company’s classification of projects, the value of the order is between ₹ 2,500 to ₹ 5,000 crore.

LTEH is executing four prestigious projects under IOCL’s P-25 expansion programme. The earlier awarded projects under program-25 include Residue Hydro Cracker Unit (RHCU), Diesel Hydrotreater (DHDT) and Reactor Regenerator Package (RR).

Organised under Offshore, Onshore EPC, Modular Fabrication, Advanced Value Engineering & Technology (AdVENT), and Offshore Wind Farm Business Groups, LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers. With over three decades of rich experience, LTEH has been setting global benchmarks in all aspects of project management, corporate governance, quality, health safety environment (HSE) and operational excellence.

Incorporated in 1996, IndianOil Adani Ventures (formerly known as Indian Oiltanking) is an unlisted public company headquartered in Vikhroli (Mumbai). It is a midstream infrastructure service and solution provider to the Oil, Gas, and Chemical Industries with domain expertise in Terminalling Services and, Renewable Energy in India and Build Capabilities globally.

Earlier in last month, the Buildings & Factories (B&F) business of Larsen & Toubro (L&T) Construction has secured an order from HITES (A Mini Ratna PSU), under the Ministry of Health and Family Welfare (MoHFW), to construct a new AIIMS at Rewari (Haryana) on a Design, Engineering, Procurement and Construction (EPC) basis in Q3 FY’24.

In November last year, L&T Construction secured a prestigious project from the GMR Visakhapatnam International Airport Limited for the Engineering, Procurement and Construction of the greenfield Bhogapuram International Airport at Bhogapuram, Andhra Pradesh.

Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.

Indian Oil Corporation and Tata Power To Roll Out 500+ Fast and Ultra-Fast EV Charging Points Across India

Just a few days after Tata Passenger Electric Mobility Ltd. (TPEM) signed a Memorandum of Understanding (MoU) with Bharat Petroleum, an another Tata conglomerate company, Tata Power EV Charging Solutions Limited (TPEVCSL), has signed an MoU with Indian Oil Corporation Limited (IOCL) to roll out fast and ultra-fast electric vehicle (EV) charging points across India. The collaboration will see Tata Power install 500+ EV charging points across multiple IOCL retail outlets.

These EV charging points will be installed in major cities like Mumbai, Delhi, Kolkata, Bengaluru, Ahmedabad, Pune, and Kochi, as well as across major highways such as the Mumbai-Pune Expressway, Salem-Kochi Highway, Guntur-Chennai Highway and the Golden Quadrilateral. This strategic collaboration focusses on building a reliable and expansive intercity charging network which will help alleviate range anxiety for EV owners travelling between cities.

Mr. Virendra Goyal, Head -Business Development-EV Charging, Tata Power said "Our partnership with IOCL is a strategic move towards establishing a robust EV charging network in the country. Leveraging IOCL's extensive presence, Tata Power will set up fast and superfast charging points in multiple regions, contributing to accessibility and inclusivity for a sustainable electric mobility future.”

Earlier in last week, TPEVCSL had also inked an MoU with the Kanpur Municipal Corporation to install 12 EV charging stations across six strategic locations in Kanpur.

Tata Power is committed to enhancing the EV user experience through tech integration and innovative solutions. EV users will have a dual advantage of a seamless EV charging experience through the ‘Tata Power EZ Charge’ app and ‘IndianOil e-Charge’ mobile app that can be used to locate and book the chargers at their convenience.

Representing IOCL, Sh. Saumitra Shrivastava, Executive Director (Retail-N&E) expressed the Corporation’s commitment to adapting to the rising trend of electric vehicle penetration. "IOCL envisages to provide 10,000 EV Charging Stations by 2024 transforming retail network to complete energy solutions outlets. With more than 6,000 EV charging stations at present, the company plans to keep expanding its reach. Our strategic partnership with Tata Power is poised to play a pivotal role in responding to this transformative shift. We at IOCL are geared up to overcome challenges and capitalize on opportunities in this area, ensuring a seamless transition towards a more sustainable and eco-friendly mobility paradigm."

Mr. K Navin Charan, Chief General Manager, Retail Transformation, IOCL; Mr. Soumitra Chakraborty, Chief General Manager, Marketing Strategy, IOCL, and Mr. Virendra Goyal, Head of Business Development – EV Charging, Tata Power were present during the MoU signing ceremony along with officials from IOCL and Tata Power.

Tata Power has established itself as a leader in the electric vehicle charging domain, with a substantial market share of nearly 60%. Their expansive nationwide network, reaching more than 420 cities, offers a comprehensive array of charging solutions, including over 62,000 home chargers, 4,900 public and semi-public charging points, and 430 bus charging stations. Notably, this network is continually expanding, underscoring Tata Power's unwavering commitment to enhancing electric vehicle charging accessibility across the nation.

In A Rare, Indian Oil Corporation Acquires Mercator Petroleum for ₹148 Crores

In a rare takeover by a government undertaking under the Insolvency and Bankruptcy Code, Indian Oil Corporation (IOC) has acquired Mercator Petroleum for about Rs 148 crore. The company gave this information to the stock market. IOC reported that Mumbai bench of National Company Law Tribunal (NCLT) approved IOC's solvency plan for acquisition of 100% stake in Mercator Petroleum Limited (MPL).

MPL has terrestrial oil and gas search blocks in the Gulf of Khambhat, Gujarati Block CB-ONN- 2005/9 was won by the company in 2008 in the 7th NELP BID. It is likely to have 4.55 crore barrels of oil reserves. The block is located about 60 kilometers from the Koyali refinery block of IOC.

The insolvency proceedings for Mercator Petroleum were initiated by Cayman Island-based oil services company Halliburton Offshore Services Inc. in August 2021 after Mercator defaulted on payment of Rs 2.87 crore. Notably, the laws of the Cayman Islands provide protection for the privacy of the investors. They are not obliged to disclose the information of directors, officers and shareholders. The islands' laws also not required to submit financial records. 

UTI Capital and Bank of Baroda are financial creditors of Mercator Petroleum, holding 41.2% and 58.8%, respectively. According to the approved plan, the Bank of Baroda would receive 60% of the upfront payment due to its superior security.

The resolution plan offers Rs 5.40 crore to operational creditors—vendors, workmen, employees and statutory dues—against their total admitted claims of Rs 73 crore.

Additionally, IOC will bear insolvency proceeding cost of Rs 8.7 crore.

IOC is the second PSU to have acquired a company in an solvency proceeding. In March this year, India's largest gas firm GAIL acquired insolvent private-sector chemical company JBF Petrochemicals for Rs 2,079 crore.

Mercator Petroleum Ltd. was a wholly-owned subsidiary of Mercator Ltd., which was the second largest private sector shipping company in India.

Incorporated in 1983 and based out of Mumbai, Mercator was once counted among the highest wealth creators in the Indian stock exchanges between 2000 -2010. It was only the second Indian company to list its Singapore subsidiary on the Singapore Stock Exchange in Singapore in 2007.

India Runs 1st Green Hydrogen Fuel Cell Bus, Made by Tata Motors for IOCL

Union Minister of Petroleum & Natural Gas and Housing & Urban Affairs Mr. Hardeep Singh Puri, flagged-off first Green Hydrogen Fuel Cell Bus from Kartavya Path, New Delhi, on Monday.

The fuel cell utilizes Hydrogen and air to generate electricity to power the bus and the only by-product from the bus is water therefore making it possibly the most environmentally friendly mode of transportation.

These Hydrogen Fuel Cell powered (FCEV) buses are built at a dedicated lab in Tata Motors’ world class R&D centre at Pune. The FCEV buses are 12-metre long and designed for easy ingress and egress with a low-floor design, can seat 35 passengers and were delivered after successful strenuous road tests and validations.

In June 2021, Tata Motors had won a tender from Indian Oil Corporation Ltd. (IOCL) to provide 15 FCEV buses to evaluate the potential of hydrogen-based PEM fuel-cell technology in India. These buses are to be assessed as potential mass transport solution for inter and intra-city commute.

For FCEV buses, Tata Motors acquired the expertise from renowned industry partners and research institutions, for adapting the advanced hydrogen-based proton exchange membrane (PEM) fuel cell technology to Indian conditions, and has played a key role in developing the buses.

It was in August of last year when India’s first truly indigenously developed Hydrogen Fuel Cell Bus was unveiled however it wasn't ran on streets for passengers and was for trials only. Developed by CSIR and KPIT in Pune, the technology of FCEV buses were later transferred for commercialization to Tata Motors.

Speaking about the Government’s ambitious plans on clean and green energy, Union Minister Hardeep Singh Puri said that emerging fuels like hydrogen and bio-fuels shall account for 25% of global incremental energy demand growth over the next two decades.

“With one of the largest synchronous grids in the world, we have achieved ‘One Nation-One Grid-One Frequency’, and would soon be global champion in production and exports of Hydrogen and is set to emerge as the Hub for green hydrogen”, he added.

The Petroleum Minister further complimented Industry and Government’s collaboration in taking India on a global platform and ensuring that it becomes a global hub for cleaner technologies and achieving self-reliance in energy soon. He said, “We were privy to the launch of the world’s first BS 6 (Stage II) Electrified Flex Fuel vehicle prototype that encompasses both the flex fuel engine as well as an electric powertrain that offers higher use of ethanol combined with better fuel efficiencies. Now with flagging-off the first two hydrogen cell buses, we have set the ball rolling and expect another 15 such buses to ply on Delhi NCR roads by the end of this year”

Speaking about the successful deployment of first-of-its-kind FCEV bus, Mr. Girish Wagh, Executive Director, Tata Motors, said, “This is an outcome of the progressive policies of the Government, IOCL’s focus on future readiness and Tata Motors’ R&D prowess, all collaborating to fulfil the common vision of clean mobility in India. The delivery of the FCEV buses to IOCL marks a significant step forward in this journey and we are grateful for the trust and support of our partners. At Tata Motors, we always prioritise nation building and are leading the global megatrend of sustainable, connected, and safer mobility in the country. The delivery of these buses today heralds a new era in inter-city mass public transport and marks another step forward towards fulfilling the aspiration of sustainable mobility. With proactive actions to develop and adapt new age technologies, we are creating future-ready transport solutions for both cargo and people to address the mobility needs of tomorrow’s India, today.”

IOCL is extensively working towards incorporating hydrogen as next fuel for ditching fossil fuel based petrol & diesel. In in July 2021, Indian Oil Corporation Limited (IOC) announced that it is building India's first 'Green Hydrogen' plant at its Mathura refinery. Later, after a year IOCL signed a binding term sheet with Larsen & Toubro (L&T) and ReNew Power (ReNew) to set up a Joint Venture (JV) company that will develop the green hydrogen sector in India.

Besides Govt agencies like IOCL and Bharat Petroleum, private companies are also running for Hydrogen. Few months back, Mukesh Ambani led Reliance Industries announced its partnership with BharatBenz, a subsidiary of Mercedes-Benz’s sister company Daimler Truck AG to unveil India's first intercity luxury concept coach powered by Hydrogen Fuel Cell technology. It's currently in concept stage.

IIT Roorkee and Indian Oil (IOCL) Join Hands For The Promotion Of Education, Research, and Innovation

The cooperation aims to provide a model for the academia-industry partnership

CSIR/UGC-NET/GATE qualified students will get an opportunity to employ their skills to industry-specific technology and its deployment

Indian Institute of Technology Roorkee (IIT Roorkee) and Indian Oil Corporation Ltd (IOCL), a company duly registered under the Companies Act, 1956, come together to collaborate for the promotion of education, research, and innovation by offering IndianOil-IIT Roorkee (IOIITR) research fellowships to Ph.D students of IIT Roorkee to pursue their Ph.D. research work under the joint supervision of IIT Roorkee and IOCL on a topic of industrial importance. The MoU ensuing the cooperation aims to provide a model for the academia-industry partnership for directing Research and Development on projects relevant to the industry and with high prospects of commercialization.

The IOIITR research fellows will receive monthly fellowships from IOCL. This MoU also provides an opportunity for the M.Tech students of IIT Roorkee to choose their major research project of industrial relevance, which will be executed under the joint guidance of IIT Roorkee and IOC. The internship program will provide opportunities for students to combine their technical skills and innovative approaches for industry-specific requirements and deployment of developed solutions.

The MoU was duly signed by Dr C Kannan, ED (CT&TPF), IOCL and Prof K K Pant, Director, IIT Roorkee at Greater Noida Extension Center of IIT Roorkee.

On the occasion, Prof. K K Pant, Director, IIT Roorkee, highlighted, "We are delighted to partner with IOCL to carry collaborative research of industrial importance. We believe that having industry experts as joint supervisors of Ph.D and M. Tech students will ensure that research outcomes are directly useful to our Industry. At the same time, the student also gets academically trained to deal with industrial problems and technology deployment”.

In his address, Dr C Kannan, ED (CT&TPF), IOCL, said, "IIT Roorkee is among the foremost Institutes of National Importance in higher technological education and in engineering, basic and applied research. Thus this cooperation will allow for practical training and specialised expertise to work on pertinent technologies and problems."

eVolt India and Indian Oil partner to Install EV Charging Stations in Punjab, Haryana and Uttar Pradesh

The partnership is one step closer to eVolt's mission to accelerate green mobility and electric vehicle industry growth across markets, by building a robust, affordable and connected charging infrastructure network

NEW DELHI/September 13, 2022: Leading electric vehicle charging Infrastructure startup eVolt India and Indian Oil Corporation Limited (IOCL) have entered into a strategic collaboration for the installation of 75+ EV charging stations in the states of Punjab, Haryana and Uttar Pradesh.

As part of the awarded contract, the Delhi-based charging solutions provider will set up 3.3kW AC and 7.4kW AC charging stations for both two-wheelers (E2W) and four-wheelers (E4W) at the existing IOCL fuelling pumps in these key territories. The supporting charging standards are AC001 (IEC 60309) for 3.3kW and Type-2 (IEC 62196) for 7.4kW AC slow and fast chargers.

“Our partnership with an important stakeholder like IOCL aligns with eVolt’s vision to build a robust EV charging station network and encourage mass EV adoption by alleviating range anxiety. We are thrilled to be contributing to India’s green mobility goals through this partnership. With the addition of these charging stations to our existing network, we plan to aggressively scale up our EV charging infrastructure pan-India by working closely with stakeholders in the private and public spaces," said Sarthak Shukla, Founder and CEO, eVolt India.

eVolt is also an empanelled vendor of three DISCOMs in Delhi, namely the BSES Rajdhani Power Limited (BRPL), BSES Yamuna Power Limited (BYPL), and Tata Power Delhi Distribution Limited (TPDDL). eVolt has helped leading institutions in healthcare and higher education domains in Rajasthan, Uttar Pradesh and Delhi, to go green by setting up AC and DC charging stations on their premises.

About eVolt

eVolt, India's leading electric vehicle (EV) charging infrastructure startup, was founded in 2019 by Sarthak Shukla to make EV Charging accessible using a well-connected smart charging network that is built via strategic partnerships with public and private property owners.

Through our range of intelligent Wallboxes, floor-mounted and portable AC and DC charging solutions and software solutions such as the charging management platform for residences, offices, and fleets, eVolt aspires to help individuals, businesses and governments set up electric vehicle charging points where EV owners can 'refuel' to unlock longer distances. eVolt's mission is to accelerate green mobility and electric vehicle adoption across markets, by building a robust, affordable and connected charging infrastructure, and forming strategic partnerships at important hotspots and with the stakeholders involved — while providing an unmatched customer experience.

Tata Motors Bags Order of 15 Hydrogen-based Fuel Cell Buses from Indian Oil Corporation Ltd.

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The buses will be used to evaluate the potential of developing hydrogen-based PEM fuel-cell technology in India

Bengaluru, 30 June, 2021: Reaffirming its commitment towards sustainable mobility, Tata Motors, India’s largest commercial vehicle player and leading bus manufacturer, announced that it has won a tender of 15 hydrogen-based proton exchange membrane (PEM) fuel cell buses from the Indian Oil Corporation Limited (IOCL). IOCL had invited bids for supply of PEM fuel cell buses in December 2020, and Tata Motors was selected as the winner following a diligent evaluation process. All 15 buses will be delivered within 144 weeks from the date of signing of the Memorandum of Understanding (MOU).

In addition to supplying the buses to the Research & Development Centre of IOCL, Tata Motors will also collaborate with them to undertake R&D projects and collectively study further the potential of Fuel Cell technology for commercial vehicles. This will be done by jointly testing, maintaining and operating these buses for public transport in real-world conditions in Delhi-NCR. The buses will be refuelled by hydrogen, generated and dispensed by IOCL.

Sh. S.M.Vaidya, Chairman, IndianOil, stated that IndianOil has been pioneering the national efforts towards ushering in the hydrogen economy for various applications, including mobility. This 1st of its kind project in the country is bringing the country’s largest fuel supplier and largest commercial vehicle manufacturer on board to take the hydrogen & fuel cell technology to the next level. This initiative would also act as a stepping stone for various other key programs of IndianOil, which proposes to introduce hydrogen-based mobility on different iconic routes and important sectors in the country. These futuristic steps are in the right direction for making hydrogen as the ultimate net-zero fuel.

Speaking on the occasion, Mr. Girish Wagh, President, Commercial Vehicle Business Unit, Tata Motors said, “We are delighted to win this prestigious tender from IOCL for it adds to Tata Motors’ rich legacy of introducing future ready technologies for cleaner and greener public transport. We have successfully supplied 215 EV buses under FAME I and won orders for 600 EV buses under FAME II. This order to supply PEM Fuel Cell buses from a company as respected as Indian Oil Corporation, further encourages our ongoing efforts on developing India-focused alternative sustainable fuels to transform the future of mobility in India.”

Dr. SSV Ramakumar, Director (R&D), IndianOil while congratulating Tata Motors Ltd., mentioned that lot of hard work has been put in by the IndianOil R&D team towards conceiving, planning and executing this joint developmental cum demonstration program with a strong support from Ministry of Petroleum & Natural Gas. IndianOil through cutting edge R&D, is committed to strengthen the production and supply chain of hydrogen energy in India and would be setting up ~1 ton per day hydrogen production pilot plants based on 4 innovative pathways besides collaborating with Tata Motors for fuel cell research.

About Tata Motors

Tata Motors Limited (NYSE: TTM; BSE: 500570 and 570001; NSE: TATAMOTORS and TATAMTRDVR), a USD 35 billion organization, is a leading global automobile manufacturer of cars, utility vehicles, pick-ups, trucks and buses. Part of the USD 113 billion Tata group, Tata Motors is India’s largest and the only OEM offering extensive range of integrated, smart and e-mobility solutions. It has operations in India, the UK, South Korea, Thailand, South Africa, and Indonesia through a strong global network of 103 subsidiaries, 10 associate companies, 3 joint ventures and 2 joint operations as on March 31, 2020.

With a focus on engineering and tech enabled automotive solutions catering to the future of mobility, Tata Motors is India’s market leader in commercial vehicles and amongst the top four in the passenger vehicles market. With ‘Connecting Aspirations’ at the core of its brand promise, the company’s innovation efforts are focused to develop pioneering technologies that are sustainable as well as suited to evolving aspirations of the market and the customers. 

Tata Motors strives to bring new products that fire the imagination of GenNext customers, fueled by state of the art design and R&D centers located in India, UK, US, Italy and South Korea. Internationally, Tata commercial and passenger vehicles are marketed in countries, spread across Africa, the Middle East, South Asia, South East Asia, South America, Australia, CIS, and Russia.