State-owned Bharat Petroleum Corporation Ltd (BPCL) on Thursday (September 12) said its board of directors, in a meeting, approved two joint ventures aimed at supporting the company’s energy transition and net-zero initiatives.

BPCL will enter into a 50:50 joint venture with Sembcorp Green Hydrogen India Private Ltd (SGHIPL) to develop renewable energy and green hydrogen projects across India.

The collaboration will focus on the production, operation, and sale of renewable energy and green hydrogen, along with its derivatives. The definitive agreement will be finalised upon receiving regulatory approvals from NITI Aayog and DIPAM.

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In addition, BPCL has approved a joint venture with GPS Renewables Private Ltd to set up compressed biogas (CBG) plants across India. This 50:50 partnership aims to construct, operate, and maintain CBG plants, contributing to BPCL’s compliance with CBG blending mandates.

Both ventures align with BPCL’s long-term goal to diversify its business and support India’s energy transition initiatives. The consideration for share capital and the authorised share capital of both joint ventures will be determined when the definitive agreements are signed.

BPCL reported a net profit of ₹3,010 crore for the April-June period, which was lower than the CNBC-TV18 poll of ₹3,310 crore. On a sequential basis, BPCL’s net profit declined by 28%. BPCL’s net profit declined despite a lower tax outgo of ₹1,017 crore during the quarter from ₹1,419 crore in March. Depreciation remained nearly constant at ₹1,680 crore from ₹1,716 crore sequentially.

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A CNBC-TV18 poll had expected BPCL to report revenue of ₹1 lakh crore during the June quarter. The company, in turn, has reported a topline of ₹1.13 lakh crore. However, the top line declined by 2.6% when compared to the March quarter.

Shares of Bharat Petroleum Corporation Ltd ended at ₹343.55, up by ₹3.25, or 0.96%, on the BSE.