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"IOC and HP have moved separate proposals for setting up joint ventures with the Chhattisgarh Renewable Energy Development Agency (CREDA) for massive plantations of jatropha — a source of bio-fuel — across the state on fallow land," SK Shukla, CREDA director, told IANS.
Both companies have also shown keen interest in installing a chain of bio-fuel production units in the state, he added.
"The government has agreed in principle to both the proposals and a date for separate memorandums of understanding (MoU) with oil majors for the joint ventures will be announced soon," Shukla stated.
CREDA will provide land to the venture partners for jatropha plantations and for installing production units while the financial investment will be made by the partner companies.
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