EverEnviro Resource Management and Indian Oil Corporation Ltd (IOCL) will form a joint venture to set up compressed biogas plants (CBG). The decision was approved by the IOCL board.
Each group will have a fifty percent stake in the new partnership. The final outcome of the venture remains subject to the approval of NITI Aayog, and other departments under the Union Ministry of Finance.
The formation of the joint venture is part of EverEnviro’s larger mission to establish over a hundred CBG plants across India based on diverse feedstock, including municipal solid waste (MSW), agro-waste, and agro-industrial waste.
EverEnviro, a renewable energy company, aims to attain a daily CBG output of 1,000 metric tons on a pan-India scale within the next five years.
As per the press release, EverEnviro is executing about twenty CBG projects across the states of Madhya Pradesh, Uttar Pradesh, Delhi, and Punjab with a significant capital investment of nearly ₹2,000 crore which will result in a robust output of 320 metric tons expected per day of CBG.
