From correspondents in Delhi, India, 06:22 PM IST

IKF Green Fuel Ltd, a leading public limited company working in the field of biofuels, is planning to invest Rs. 100 crores in the coming three years towards Jatropha plantation and their refinery in Maharashtra. Focused on Vidarbha and Marathwada in Maharashtra, the project will be executed through contract farming with the help of business associates for which IKF Green Fuel has already identified 16 business associates.

Mr. Vishal Rawat, President, IKF Green Fuel Ltd said, “Energy Security has become a primary concern for all the countries. Increase in the energy demand combined with increasing cost of fossil fuel extraction is leading to continuous price hike of oil. In light of the said situation, our announcement showcases our commitment to the environment through the usage of biofuels.”

The company that is poised to become the leader in biofuels production in India by 2010 is planning to set up a refinery / trans-esterification plant in Vidarbha which will turn out approximately 10,000 liters of bio – diesel per day. It is expected that the entire operation (plantation and refinery) will generate direct employment for approximately 20,000 people within three years. The company is targeting an area of 10,000 hectares of land in the current cropping season. Consequently it is also in the process to tie up with NREGA (National Rural Employment Guarantee Act), EGS (Kindly elaborate on the short forms), BRGF (Backward Regions Grant Fund Programme) and other Government schemes.

Source: Press Release Distribution via India PRwire