Praj Industries Ltd. (Pune, India) and Indian Oil Corp. Ltd. (IOCL; New Delhi) have inked an MoU to fast-track India’s transition to cleaner and greener sources of energy by exploring sustainable aviation fuels, first- and second-generation ethanol, compressed biogas (CBG) and related opportunities in the biofuels industry. Exploring these green energy horizons will be crucial for India to achieve carbon neutrality by 2070. This MoU will boost ATJ fuel production capacity and its use in India, which will in turn help curb emissions emanating from airplanes, as per the International Air Transport Association’s recent mandate. Under the MoU, IndianOil and Praj will also collaborate to set up biofuel production facilities, including CBG, biodiesel and ethanol. The two companies would also work together to facilitate the sales and marketing of various co-products and intermediates produced from these facilities. Praj and IndianOil would explore and jointly work towards forming a 50:50 Joint Venture and identify partners to form special purpose vehicles (SPVs) under the proposed alliance. Currently, Praj is executing India’s first 2nd Generation ethanol plant for IndianOil at their Panipat facility. Praj is also constructing a Water and Wastewater treatment plant for IndianOil’s Dumad petrochemical complex.
Praj and IOCL sign MOU to accelerate sustainable aviation fuels in India
| By Mary Bailey