Vaidya also added that India being an agrarian economy, offers the advantage of sufficient availability of feedstock. “The indigenous biofuels will be a game changer in helping India chart its decarbonisation journey. Biofuels offer a win-win situation by reducing dependence on crude imports, boosting the rural economy, and offering sustainable, cleaner mobility options.”

Pramod Chaudhari, Founder Chairman, Praj Industries said, "We are proud of our partnership with Indian Oil, which is further reinforced with this important milestone. Biofuels positively impact the socio-economic and environmental aspects thereby facilitating sustainable development. Readying India to build sustainable aviation fuels production capacity in pursuit of clean skies is our priority, to strengthen Atmanirbhar Bharat.”

In a bid to be self-reliance in the energy sector, the country has aggressive plans to reconfigure the transportation fuel mix with biofuels. Biofuels are an integral part of India's flourishing bio-economy that plays a significant role as a sustainable climate action tool.

Indian Oil and Praj have collaborated in the past as well. The nation’s first-of-its-kind advanced biofuels refinery at Indian Oil’s Panipat complex is based on Praj’s proprietary 2G technology. This year in May, Indian Oil and Praj partnered with AirAsia India and flew India’s first-ever commercial passenger flight powered by a blend of ‘indigenous’ Sustainable Aviation Fuel.

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Indian Oil Praj JV for biofuels

Indian Oil, Praj Industries shares surge up to 9% on JV for biofuels