Indian Oil Corp forms core group on bio-diesel

Indian Oil Corporation (IOC) has formed a core group for diversifying into the production of bio-diesel, a senior company official said today.

The core group would examine the feasibility of entering into the production of bio-diesel and a final decision would be taken in six months time, Sarthak Behuria, chairman of IOC, said here.

If IOC entered the bio-diesel sector, it would get involved in the entire process, right from the production of jatropha to selling bio-diesel, he said.

The company would require large areas of land for producing jatropha and would approach state governments...We would prefer to take land on lease, rather than purchase it, Behuria said.

The IOC had agreed in-principle to be the anchor investor in the proposed chemicals and petrochemicals hub coming up at Haldia in West Bengal, Behuria added.