Bharat Renewable Energy, a subsidiary of central PSU Bharat Petroleum Corp (BPCL), will invest Rs.21.31 billion (Rs.2,131 crore) in a bio-diesel project in Uttar Pradesh, a senior BPCL official said to the media.

 

The project envisages production of diesel from oil extracted out of the jatropha plants. Bio-diesel extracted out of the jatropha plant is an eco-friendly and proven source of alternative fuel. Ashutosh Srivastava, chief operating officer of Bharat Renewable Energy said that, in the beginning the company would concentrate in five districts - Kanpur, Jhansi, Lalitpur, Chitrakoot and Sultanpur. Actually the project was scheduled to kick-start in 2007-2008.

 

Srivastava told the media that, the company is shortly going to undertake large-scale jatropha plantation across these five districts. As the plant grows rapidly, they would be able to start extracting oil within three years from now, he further added.

 

He also informed the media that the company would install nearly 200 oil extraction units in these five districts where 10 refineries would also come up. They have already posted 15 project officers to supervise the jatropha plantation drive, which is slated to commence by the end of the current month, Srivastava added.