JBM Renewables, a firm of JBM Group, said it has inked a Memorandum of Understanding (MoU) with the Ministry of Petroleum and Natural Gas (MoPNG) for setting up 500 compressed biogas (CBG) projects across India. The MoU was signed in the presence of Petroleum Minister Dharmendra Pradhan, the company said in a statement.
Speaking at the event, Pradhan said, "The country is likely to see investments worth Rs 2 trillion to set up 5,000 compressed biogas (CBG) units across the country. As part of the MoU, JBM Renewables will endeavour to establish and operate 500 CBG production projects pan India with a clear horizon."
JBM Renewables has been shortlisted and is among the four companies that have been identified by the government for the biogas programme. It will work jointly with MoPNG on the SATAT (Sustainable Alternative Towards Affordable Transportation) programme.
The ministry will offer its guidance, support, and facilitation in conceptualizing, establishing and functioning of the plants, Pradhan said after signing the MoUs for setting up 900 CBG plants as part of SATAT initiative.
The scheme envisages setting up 5,000 CBG plants by FY24 and the benefits from it will go to farmers, rural areas and tribals. The programme has been put under priority sector lending by the government which will provide it the right impetus and momentum.
JBM Renewables will get into multiple strategic partnerships to cater to the specific requirements of different regions where these projects shall be commissioned. JBM Group aims to create the entire value chain strength-by-strength to come up with efficient and effective facilities, working towards environment conservation, the statement said.
The Group has a diversified portfolio with presence in multiple domains such as automotive, engineering and design services, renewable energy, railways and original equipment manufacturing.
It currently has an infrastructure of 40 manufacturing plants and 4 engineering and design centres across 18 locations globally.