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BPCL approves JV with Sembcorp Green Hydrogen India and GPS Renewables
Industry News- Sep 13,24
BPCL will hold a 50% stake in each joint venture, aiming to accelerate its energy transition and meet its net-zero goals.
Bharat Petroleum Corporation Limited (BPCL) is expanding its renewable energy footprint through two newly approved joint ventures. On September 12, BPCL's Board of Directors greenlit partnerships with Sembcorp Green Hydrogen India Pvt. Ltd. and GPS Renewables Pvt. Ltd. to bolster its renewable energy initiatives.
The joint venture with Sembcorp Green Hydrogen India will focus on developing, building, and operating renewable energy and green hydrogen projects across India. This includes the sale of renewable energy and green hydrogen. BPCL also plans to establish and operate compressed biogas (CBG) plants across the country in collaboration with GPS Renewables, facilitating the production and sale of compressed biogas and its derivatives.
Both agreements are pending regulatory approvals from authorities such as NITI Aayog and DIPAM. BPCL will hold a 50% stake in each joint venture, aiming to accelerate its energy transition and meet its net-zero goals.
BPCL's move comes as part of its broader strategy to invest in sustainable energy solutions. In June, GPS Renewables formed a joint venture with Indian Oil Corporation (IOC) to promote sustainable energy, while Sembcorp recently laid the foundation for a Rs 360 billion Green Ammonia plant in Tamil Nadu.
Despite these forward-looking ventures, BPCL reported a sharp 73.3% drop in net profit in Q1FY25, with earnings of Rs 28.41 billion, down from Rs 106.44 billion in the same period last year.
(Mint)
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