Welcome To IndianOil – CREDA Biofuels Ltd Official Website www.icbl.co.in

 

 

A Joint Venture Company

 

BACKGROUND (ICBL)

 

IndianOil, India’s largest petroleum refining and marketing company, has established itself as a major player in the biodiesel business. Based on the findings of M/s KPMG, IndianOil chose Chhattisgarh as a prime location for developing biodiesel projects. IndianOil has also initiated large-scale biodiesel projects on different models in Madhya Pradesh and Uttar Pradesh.

The Chhattisgarh government (GoCG) under the guidance of Chief Minister Dr. Raman Singh has played a proactive role in promoting energy crop plantation projects in the state. The Government through its two agencies dedicated for development of renewable energy, Chhattisgarh Biodiesel Development Authority (CBDA) and Chhattisgarh State Renewable Energy Development Agency (CREDA) has undertaken plantation of Jatropha on 70,000 hectares of wasteland in the state.
 
Considering the potential of Jatropha plantation in the state of Chhattisgarh and favourable Government policies IndianOil entered into a MoU with the GoCG on 19th November 2007 which was converted into a Joint Venture Agreement (JVA) with CREDA and GoCG on 8th October 2008 for the purpose of setting up a JV company for undertaking a biodiesel project in the state.

A JV “IndianOil – CREDA Biofuels Ltd.” between M/s IndianOil Corporation and Chhattisgarh Govt. was incorporated on 6th Feb’09.

IndianOil and CREDA hold 74 percent and 26 percent equity, respectively in this JVC, which has an authorised share capital of Rs 400 crores. IndianOil – CREDA Biofuels Ltd is slated to produce 30,000 metric tonnes (MT) of biodiesel per annum from energy crop plantation on 30,000 hectare of revenue wasteland.

The plantation activity of ICBL will enhance rural job creation, carbon sequestration and will help in improving the health of soil, air and water regimes.

 
   

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