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Indian Oil Corp to invest in bio fuel seeds - jatropha and karanjia

Indian Oil Corp is planning to take up plantation of bio fuel seeds like jatropha and karanjia in waste lands in the state of Uttar Pradesh. It will deploy contract farming to cultivate the bio diesel seeds. The company has already acquired around 30,000 hectares of land in Chhattisgarh and around 20000 ha of land in Madhya Pradesh. Around 1000 hectares of land is already cultivated and plans to increase it to 10,000 ha this year. The turnaround period for bio diesel seeds is 3-4 years. It seems the government is also promoting with minimum support price and constituting a National Bio fuel Fund and a National Bio fuel Coordination Committee. It may be noted, IOC R&D is extensively testing bio diesel with Indian Railways and Haryana Roadways to meet stringent international standards.

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