IOC, Ruchi Soya in biofuel JV

Indore-based Ruchi Soya Industries and Indian Oil Corp. have entered into a joint venture (JV) to form “Indian Oil Ruchi Biofuels LLP”. The total project cost is Rs437 crore (US$96.93 million), part of which will be funded by the Uttar Pradesh Government under the National Rural Employment Guarantee Scheme. Indian Oil Ruchi Biofuels LLP will undertake Jatropha Plantations across 50,000 hectares in Jhansi and Lalitpur. (March 27, 2010)