IOC GPS Renewables Private Limited (IGRPL), a joint venture between IndianOil Corporation  and GPS Renewables, has raised Rs 8.36 billion (approx. US$ 95 million) in debt financing from Indian Bank to execute nine Compressed Biogas (CBG) projects across India.   

The funding is the largest single-bank debt raise in the CBG sector and the first fully non-recourse financing in India for these projects. The plants—four in Haryana, three in Uttar Pradesh, one each in Chhattisgarh and Andhra Pradesh—will each produce 15 tonnes of CBG per day using paddy straw as feedstock. All nine plants are slated for completion in 2026. 

Devendra Singh Sehgal, CEO, IGRPL, said, “This funding accelerates our mission to scale India’s biogas infrastructure. Securing a sanctioned loan without corporate collateral demonstrates IOCL’s credibility and the sector’s potential, building confidence for large-scale investments in clean energy.” 

Deepak Agarwal, MD, GPSR ARYA, added, “The largest single-bank financing highlights the opportunity in India’s clean energy transition. This fundraise enables IGRPL to build a nationwide CBG network, reducing fossil fuel dependence and lowering greenhouse gas emissions.”