Hindustan Petroleum Corporation (HPCL), the public sector refiner and oil marketing company, said it would produce Ethanol ina joint venture with Mumbai based Shree Renuka Sugars.
The joint venture would set up an integrated sugar plant in Maharashtra with associated facilities for production of Ethanol, informed HPCL to BSE on Thursday. Shree Renuka Sugars has exisitng facilities for sugar production in Mharashtra, Karnatka and West Bengal.
Ethanol is produced with the fermentation of sugar and is now being used in petrol to cut down its production cost. The high crude prices has made it necessary for the public sector oil companies take such steps to cut down losses.
