Aemetis Appoints India Subsidiary Chief Executive Officer to Lead Corporate Growth Initiatives.
Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products, today announced the appointment of Sanjeev Duggal as the Managing Director and Chief Executive Officer of Universal Biofuels Private Limited, the India-based subsidiary of Aemetis, Inc. Mr. Duggal will join the company officially on July 1, 2024.
Before joining Aemetis, Mr. Duggal was the Managing Director at NTPC GE Power Services Limited for 4 years and was an executive at GE in India for 11 more years. He previously worked for 8 years at the global diesel engine and power solutions company, Cummins, Inc., in the U.S. in business development and as a manager of corporate treasury.
Eric McAfee, Chairman and CEO of Aemetis, Inc, said:
The rapid growth of our subsidiary in India has positioned the company for a potential initial public offering to fund further expansion of biodiesel production capacity while adding sustainable aviation fuel and renewable diesel as new products.
“Sanjeev’s background as the top executive at GE’s power solutions joint venture in India, as well as leading roles at Cummins, provides important relationships with government and oil marketing company customers in India. We look forward to further success and the rapid expansion of our India business under his leadership.”
Sanjeev Duggal, the incoming Managing Director and CEO of Universal Biofuels, said:
I look forward to joining the company in order to lead operational growth as well as pursuing the IPO of the India subsidiary.
“Renewable fuels are growing rapidly in India, but the industry is still at an early stage of growth and is expected to expand significantly in order to meet India’s goals for energy independence, improved air quality and reducing greenhouse gas emissions.”
Universal Biofuels is currently shipping biodiesel under a $150 million, one year allocation by the three India government-owned oil marketing companies that distribute fuels in India. India’s National Policy on Biofuels states a 5% goal for biodiesel blending by 2030, a substantial increase from the 0.5% usage in 2018 when the policy was first adopted.
Aemetis built, owns and operates a 60 million gallon per year capacity biodiesel plant with a refined glycerin facility and a 50 million gallon per year tallow refining facility on the east coast of India near the port of Kakinada in Andhra Pradesh. Growth initiatives include the export of tallow to the U.S. as feedstock for sustainable aviation fuel (SAF) and renewable diesel (RD) production, as well as the production of SAF and RD in India to meet expanding demand.
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Aemetis Appoints India Subsidiary Chief Executive Officer to Lead Corporate Growth Initiatives. source
