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IOB, Classic Jatropha tie up to promote biofuel
Our Bureau
Chennai
,
Dec. 1
INDIAN Overseas Bank and Classic Jatropha Oil (India) Ltd of Coimbatore entered into an agreement here today to promote jatropha cultivation for biofuel production.
Under the agreement IOB will provide crop loans to farmers identified by Classic Jatropha. The company is promoted by the PREM Group, a Tiruppur-based knitwear exporter with interests in dyeing, spinning and wind farms.
According to Mr Er P. Kandaswamy, Chairman and Managing Director, Classic Jatropha, the company hopes to bring under jatropha cultivation over 10 lakh acres in the coming years.
It is in the process of acquiring an oil mill in Vriddhachalam, Tamil Nadu, for processing jatropha seeds. It will expand capacity as required to process about 5,000 tonnes of seeds a day.
The company also plans to enter into an agreement with public sector oil companies and the Indian Railways to sell the biodiesel, he said.
Mr T.S. Narayanasami, Chairman, IOB, said biofuels have attracted the attention of leading industrialists who hope to diversify into this area.
According to bank officials, IOB will provide crop loan at 7.5 per cent interest to the farmers.
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