IOC considers review of biofuel business strategy

Indian Oil Corporation (IOC) said it is considering a review of its biofuel business strategy, in the face of high costs and uncertain yield due to lesser availability of wastelands. “Access to land is a big challenge for such projects. As we started on the projects, we found that availability of wasteland is much lower than recorded,” said M.K. Sinha, director of Planning & Business Development. The company is still waiting for assurances regarding the commercial viability of its large-scale jatropha projects. But despite the challenges, the company said it is determined to pursue its on-going jatropha plantation projects in Madhya Pradesh, Chhattisgarh and Uttar Pradesh. (April 24, 2012)