IOC to add biofuels business to charter

State-owned Indian Oil Corporation is changing its articles of association, the regulation that governs a company, to include biofuels as part of its oil refining and fuel marketing business. IOC has sought its shareholders approval through a postal ballot for amending the memorandum of association of the company by inserting a new clause. As per the new clause, the company would develop businesses relating to manufacturing biomass, biofuels and allied products and services and carry on research and development in that sector in any part of India or abroad, IOC said in a filing to the Bombay Stock Exchange. (July 24, 2007)