The board of Indian Oil Corporation (IOCL) on Friday approved joint ventures with EverEnviro Resource Management Pvt Ltd and GPS Renewables Pvt Ltd for setting up compressed biogas (CBG) plants.

In a regulatory filing, Indian Oil said that both the joint ventures are subject to approvals from NITI Aayog, the Department of Investment and Public Asset Management (DIPAM) among others.

“Formation of 50:50 Joint Venture Company in India between EverEnviro Resource Management Pvt. Ltd., and IndianOQil or its wholly owned subsidiary, subject to approval of NITI Aayog, DIPAM etc. for setting up of Compressed Biogas Plants.

“Formation of 50:50 Joint Venture Company in India between GPS Renewables Pvt. Ltd., and IndianOil or its wholly owned subsidiary, subject to approval of NITI Aayog, DIPAM etc. for setting up of Compressed Biogas Plants,” Indian Oil said.