Bharat Renewable Energy, a JV promoted by Bharat Petroleum Corporation (BPCL), has decided to invest Rs 2,131 crore in a bio-diesel project in Uttar Pradesh.
It may be noted that the company has already formed a joint venture company, along with Nandan Biomatrix and Shapoorji Pallonji & Co for producing bio-diesel, a proven source of alternative fuel. During the initial phase, the company would concentrate in five districts – Kanpur, Jhansi, Lalitpur, Chitrakoot and Sultanpur. The company plans to install nearly 200 oil extraction units in these five districts where 10 refineries would also come up. The JV firm is expected to produce one million tonne of bio-diesel by 2015 and the project is likely to start producing diesel in the next three to four years.
A company official said, the firm plans to continue planting Jatropha in the coming years in locations where vacant land is identified.
Apart from the latest development, BPCL is also exploring the possibility of initiating similar projects in other states