State Bank of India Funds Jatropha Cultivation for Biodiesel
14 April 2005
UK-based D1 Oils, through its 50:50 Indian joint venture, D1 Mohan Bio Oils Ltd., signed a Memorandum of Understanding (MOU) with the State Bank of India for Rupees 1.3 billion (approximately $30 million, or €23 million) in funding for farmers in Tamil Nadu to plant up to 40,000 hectares of jatropha.
The anticipated yield is between 100,000 and 120,000 metric tons of crude jatropha oil per annum (assuming the full 40,000 hectares are planted).
In January this year, D1 Mohan announced it sought to plant up to 100,000 hectares of jatropha across India in 2005.
D1 Oils has the option to export 25% of the raw oil to its international customers, with the bulk of the oil being retained for domestic (Indian) biodiesel production.
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