Cabinet Approves Closure/Winding up of CREDA HPCL Biofuel Ltd (CHBL) and IndianOil – CREDA Biofuels Ltd. (ICBL)
(Business Standard) The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved closure/winding up of CREDA HPCL Biofuel (CHBL) and IndianOil – Chhattisgarh Renewable Energy Development Agency (CREDA) Biofuels (ICBL).
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Joint Ventures (JV) between CREDA HPCL Biofuel Ltd (CHBL) and IndianOil-CREDA Biofuels Limited (ICBL) were formed for carrying out energy crop (Jatropha) plantation and production of bio-diesel in 2008 and 2009 respectively. The CREDA, an arm of Chhattisgarh, had provided wasteland to CHBL and ICBL through Land Use Agreement for plantation of Jatropha. Due to various constraints such as very poor seed yield, limited availability of wasteland, high plantation maintenance cost etc. the project became unviable and Jatropha plantation activities were discontinued. READ MORE