
16 Sept 2024
Bharat Petroleum Corporation Limited (BPCL) is poised to expand its footprint in the renewable energy sector through two newly approved joint ventures. The state-owned company's Board of Directors has greenlit partnerships with Sembcorp Green Hydrogen India Pvt. Ltd. and GPS Renewables Pvt. Ltd.
Bharat Petroleum Corporation Limited (BPCL) is poised to expand its footprint in the renewable energy sector through two newly approved joint ventures. The state-owned company's Board of Directors has greenlit partnerships with Sembcorp Green Hydrogen India Pvt. Ltd. and GPS Renewables Pvt. Ltd.
In an exchange filing on Thursday, September 12, BPCL confirmed that its Board of Directors had approved both joint ventures.
The joint venture with Sembcorp Green Hydrogen India is focused on developing, constructing, and operating renewable energy and green hydrogen projects throughout India, which includes the sale of renewable energy and green hydrogen.
Agreements Pending Regulatory Approvals
Both agreements are contingent upon regulatory approvals.
“The joint venture agreement with Sembcorp Green Hydrogen India Pvt. Ltd (SGHIPL) in the field of Renewable Energy and Green Hydrogen is subject to regulatory approvals from entities such as NITI Aayog and DIPAM,” the exchange filing stated.
Bharat Petroleum plans to establish, operate, and maintain compressed biogas plants throughout India, which will also involve the sale of compressed biogas and its by products.
“Entering into a joint venture agreement with M/s. GPS Renewables Pvt. Ltd (GPS) to establish Compressed Biogas (CBG) plants across India, pending regulatory approvals from NITI Aayog, DIPAM, and others,” the exchange filing stated.
BPCL will hold a 50 percent stake in both joint ventures.
As mentioned in the exchange filing, BPCL aims to transition towards sustainable energy and reach its net-zero targets through these joint ventures.
In the previous quarter, Q1 FY25, BPCL experienced a 73.3 percent decline in net profit. The public sector company reported a net profit of ₹2,841.55 crore for the April-June quarter, down from ₹10,644.30 crore during the same period last year.
On August 21, Tamil Nadu Chief Minister MK Stalin inaugurated the foundation for Sembcorp’s Green Ammonia plant in Tuticorin, which is reported to cost approximately ₹36,000 crore.
In June, GPS Renewables formed a joint venture with Indian Oil Corporation (IOC) to promote sustainable energy solutions in India.
The detailed article published by www.livemint.com can be accessed from https://www.livemint.com/companies/bharat-petroleum-board-approves-joint-venture-with-sembcorp-green-hydrogen-india-gps-renewables-to-meet-net-zero-bpcl-11726143786449.html
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