Indian Oil Corporation and industrial biotechnology company, Praj Industries will form a joint venture to produce Sustainable Aviation Fuel (SAF), reports Financial Express. ATJ fuel will help curb aircraft emissions.
Pramod Chaudhari, founder chairman of Praj Industries said that the JV has been approved by the IOC board and that further approvals will come by the end of the year. Both had signed an MoU last year to explore the possibilities to produce Alcohol to Jet (ATJ) fuels, 1G, 2G ethanol and compressed biogas.
The first SAF plant in collaboration with a US cleantech company, LanZaJet will be set up at Panipat, said Shrikant Madhav Vaidya, chairman of Indian Oil. They are open to setting up a second SAF JV with Praj, he said.
We are expecting an investment commitment from the airline for using SAF. He had held a meeting with the CEOs of airlines recently and they had shown a willingness to invest in equity.
