Emami Biotech, a subsidiary of Emami Group (BOM:531162), will be launching a massive biofuel project in Ethiopia.
The biofuel project will consist of 100,000 acres of land, on which edible and non-edible (jatropha) biofuel crops will be planted and harvested. The project will be based in Oromia, Ethiopia, and Emami expects this biofuel plantation to take five years to set up.
The company will invest $84 million USD into the project. However, the majority of the capital for this biofuel project will come from banks and other financial institutions.
When the biofuel project is complete, it is estimated it will produce 100,000 tonnes of crude oil or edible oil per year. The crude oil will be sent to India to manufacture biodiesel, while the edible oil will be sold for local consumption in Ethiopia. Emami has already taken possession of 27,500 acres of land, and has started to develop it.
The Emami Group says it chose Ethiopia for its biofuel project because, "of [the] availability of labour, contihuous land, congenial business environment and stable law situation."
Read the full story at Business Standard: Emami Biotech to set up biofuel project in Ethiopia
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