The Board of Indian Oil Corporation Limited has approved the formation of a 50:50 joint venture (JV) company with M11 Energy Transition Private Limited.
The JV will be set up to develop a 100 kilo tonnes per annum sustainable aviation fuel project at Paradip using the hydroprocessed esters and fatty acids production route. The project is estimated to cost Rs 10.64 billion and will be taken up subject to approvals from NITI Aayog, Department of Investment and Public Asset Management and other relevant authorities.