IKF Tech ties up with Indian Oil Corp

IKF Technologies Ltd, a Kolkata-based company in the field of bio-fuel and ITES/BPO, has entered into an agreement with Indian Oil Corporation Ltd (IOCL) for technology transfer for the production of bio-diesel.

This is the first company, in the global market, which has started the commercial production of bio-diesel with the help of IOCL.

"The company has started plantation work in Meghalaya and Rajasthan, and is planning to complete the plantation, spread over 2 lakh hectares, by 2008 end," a company official said.

The company has installed a refinery plant in Udaipur for the purchase of bio-diesel extracted from Jatropha oil.

The company is entering into international market for which it has submitted proposals to various countries viz South Africa, Mozambique and Swaziland for acquiring 10,000 hectares land in each, for the production of bio-diesel.

The company is also planning to set up a refinery in Gujarat with a capacity of 300 tonnes per day, which will be funded through foreign currency convertible bonds / global depository receipts / American depository receipts.