Corporation Ltd. along with the Government of Chhattisgarh has
taken a step forward towards promotion of bio-fuel through
cultivation of biofuel species on revenue wastelands and degraded
lands in the State. For this purpose a Joint Venture Company
IndianOil-CREDA Biofuels Ltd. (ICBL) got incorporated in
February 2009. Indian Oil and CREDA ( Chhattisgarh State
Renewable Energy Development Agency) hold 74 percent and 26
percent equity, respectively in this JVC, which has an authorised
share capital of Rs. 400 crores.
Since inception, the company have augmented plantation in nearly
6000 hectare of revenue wasteland in the State of Chhattisgarh.
This initiative has increased the green cover of the State and
generated rural livelihood opportunities in remote villages. Till
date more than 3.0 lacs mandays have been generated across the
As envisaged the activities of the company will also enhance the
health of soil, water and air regimes.