McLeod Russel to invest in D1's India ventures

B.M. Khaitan group’s tea firm Mcleod Russel India Ltd. said it would invest up to Rs 50 crore (US$12.3 million) in the next two years in D1 Williamson Magor Bio Fuel for producing biodiesel in the east and northeastern part of India. The investment involves creation of manufacturing units of crude oil and refinery, working capital arrangements and start-up capital for aplantation. Total investment required for the development of production facilities to start commercial production by 2009-2010 is around Rs 300 crore (US$74.1 million). D1 Oils of the U.K., the joint venture partner, has also entered into an agreement with British Petroleum to invest in jatropha plantation or creation of bio-diesel manufacturing facilities. (July 30, 2007)