BPCL board approves joint ventures with Sembcorp Green Hydrogen India & GPS Renewables to meet net-zero goals

  • Bharat Petroleum is entering joint ventures with Sembcorp Green Hydrogen and GPS Renewables to create renewable energy and compressed biogas plants in India.

Riya R Alex
Published12 Sep 2024, 06:29 PM IST
BPCL to enter into a joint venture with Sembcorp and GPS Renewables.
BPCL to enter into a joint venture with Sembcorp and GPS Renewables.

Bharat Petroleum Corporation Limited (BPCL) is set to expand its presence in the renewable energy sector through two new joint ventures. The state-owned company's Board of Directors has approved partnerships with Sembcorp Green Hydrogen India Pvt. Ltd. and GPS Renewables Pvt. Ltd., respectively.

The company said in an exchange filing on Thursday, September 12, that the Board of Directors approved the two joint ventures.

The joint venture with Sembcorp Green Hydrogen India aims to develop, build, and operate renewable energy and green hydrogen projects across India, including selling renewable energy and green hydrogen.

Also Read | Stocks to Watch: Bharat Electronics, Tata Steel, Vedanta, BPCL, NBCC, and more

Agreements subject to approvals

Both agreements are subjected to approval by regulators.

“Entering into a joint venture agreement with Sembcorp Green Hydrogen India Pvt. Ltd (SGHIPL) in the domain of Renewable Energy and Green Hydrogen, subject to regulatory approvals from NITI Aayog, DIPAM etc,” the exchange filing noted.

Bharat Petroleum aims to construct, operate and maintain compressed biogas plants across India, including the sale of compressed biogas and its derivatives.

Also Read | Prime minister Modi calls for international cooperation on green hydrogen

“Entering into a joint venture agreement with M/s. GPS Renewables Pvt. Ltd (GPS) for setting up of Compressed Biogas (CBG) plants across India, subject to regulatory approvals from NITI Aayog, DIPAM etc,” the exchange filing said.

BPCL will have a 50 per cent shareholding in both joint ventures.

According to the exchange filing, BPCL aims to transition to energy and achieve its net zero targets through these joint ventures.

Also Read | Mozambique LNG project to resume this year: BPCL CMD

In the previous quarter, Q1FY25, BPCL reported a 73.3 per cent dip in its net profit. The public sector company’s net profit was at 2,841.55 crore in the April-June quarter compared to a profit of 10,644.30 crore in the same quarter the previous year.

On August 21, Tamil Nadu Chief Minister MK Stalin laid the foundation for Sembcorp’s Green Ammonia plant in Tuticorin. According to reports, the plant costs around 36,000 crore.

In June, GPS Renewables entered into a joint venture with Indian Oil Corporation (IOC) to foster sustainable energy solutions in India.

Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.

MoreLess
First Published:12 Sep 2024, 06:29 PM IST
Business NewsCompaniesBPCL board approves joint ventures with Sembcorp Green Hydrogen India & GPS Renewables to meet net-zero goals

Get Instant Loan up to ₹10 Lakh!

  • Employment Type

    Most Active Stocks

    HDFC Bank share price

    1,685.60
    01:55 PM | 3 OCT 2024
    -40.55 (-2.35%)

    Reliance Industries share price

    2,830.90
    01:55 PM | 3 OCT 2024
    -98.9 (-3.38%)

    Tata Steel share price

    167.25
    01:55 PM | 3 OCT 2024
    0.25 (0.15%)

    Tata Motors share price

    928.30
    01:55 PM | 3 OCT 2024
    -37.05 (-3.84%)
    More Active Stocks

    Market Snapshot

    • Top Gainers
    • Top Losers
    • 52 Week High

    Petronet LNG share price

    365.05
    01:46 PM | 3 OCT 2024
    20.8 (6.04%)

    Jubilant Ingrevia share price

    810.75
    01:46 PM | 3 OCT 2024
    35.55 (4.59%)

    Angel Broking share price

    2,715.65
    01:46 PM | 3 OCT 2024
    115.6 (4.45%)

    Alembic Pharmaceuticals share price

    1,238.00
    01:46 PM | 3 OCT 2024
    47.55 (3.99%)
    More from Top Gainers

    Recommended For You

      More Recommendations

      Gold Prices

      • 24K
      • 22K
      Bangalore
      77,475.00560.00
      Chennai
      77,481.00560.00
      Delhi
      77,633.00560.00
      Kolkata
      77,485.00560.00

      Fuel Price

      • Petrol
      • Diesel
      Bangalore
      102.86/L0.00
      Chennai
      100.75/L0.00
      Kolkata
      104.95/L0.00
      New Delhi
      94.72/L0.00

      Popular in Companies

        HomeMarketsloanPremiumMint Shorts