Indian Oil and Praj Industries Form Joint Venture to Boost Biofuels Production in India

1. Indian Oil Corporation Limited (IOCL) and Praj Industries Limited (Praj) have signed a term sheet to enhance biofuels production capacities in India, covering various types of biofuels such as sustainable aviation fuel (SAF), ethanol, compressed biogas (CBG), biodiesel, and bio-bitumen.
2. Praj’s proprietary 2G technology plays a key role in these efforts, as evidenced by their collaboration with Indian Oil to establish India’s first advanced biofuel refinery. This collaboration follows an earlier agreement in October 2021 to establish a 50-50 joint venture.
3. The aim is to achieve net-zero operational emissions by 2046, enhance India’s energy self-reliance by leveraging biofuels, and reconfigure the transportation fuel mix.

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