IOC forms core group to diversify into bio-diesel production

Kolkata, Sept 06 (UNI) Fortune 500 company Indian Oil Corporation (IOC) has formed a core group for diversifying into bio-diesel production, IOC chairman Sarthak Behuria said today.

The core group would examine the feasibility of entering into bio-diesel production. A final decision would be taken in six months time, Mr Behuria said.

If IOC entered into the bio-diesel sector, then the company would be involved right from the production of jatropha to selling bio-diesel, he said.

IOC would require large areas of land for producing jatropha and would approach the state governments, Mr Behuria said.

The company would prefer to take land on lease, rather than purchase it, he said.

He also said IOC had agreed in-principle to be the anchor investor in the proposed chemicals and petrochemicals hub coming up at Haldia in West Bengal.

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