Nandan Biomatrix announces joint venture

Nandan Biomatrix Ltd. of Hyderabad, India, has floated an equal joint venture (JV) with V Worldwide Group of Ahmedabad to cultivate jatropha in one lakh (100,000) acres of unproductive wasteland in Gujarat. The JV, named Vitale Nandan Biopharma Science Pvt. Ltd., would also establish a refinery to extract biofuel with investments of Rs150 crore (US$35 million). The two partners are also looking to cultivate jatropha in 50,000 acres in Ethiopia. Nandan Biomatrix has also tied up with Bharat Petroleum Corporation Ltd. and the Government of Uttar Pradesh for a similar jatropha plantation project with one million acres of wasteland in the state. (May 23, 2008)