The Board of Directors of Bharat Petroleum Corporation Limited (BPCL) has entered into a joint venture agreement with Sembcorp Green Hydrogen India Pvt. Ltd. (SGHIPL) in the domain of Renewable Energy and Green Hydrogen and GPS Renewables Pvt. Ltd. for setting up of Compressed Biogas (CBG) plants across India, subject to regulatory approvals. 

The joint venture agreements will be entered into in due course after the receipt of necessary approvals from NITI Aayog, DIPAM, etc.

The shareholding pattern of the proposed JV with Sembcorp Green Hydrogen India shall be 50 percent equity each for BPCL and SGHIPL. The company will develop, construct, operate renewable energy projects and green hydrogen (and its derivatives) projects across India including sale of renewables energy and green hydrogen (and its derivatives). Consideration for subscription of share capital will be finalized at the time of signing definitive agreement. Diversification of business and to support the energy transition and net zero initiatives of BPCL.

The shareholding pattern of the proposed JV with GPS Renewables shall be 50 percent equity each for BPCL and GPS. The company will construct, operate and maintain CBG plants across India including sale of CBG and its derivatives. Consideration for subscription of share capital will be finalized at the time of signing definitive agreement. To meet the CBG blending obligation mandate and to support the energy transition and net zero initiatives of BPCL.