In a big boost for the nation's nascent biofuels and clean energy sector, state-owned Indian Oil Corporation (IOC) plans to set up two mega bio-refineries in Telangana and Andhra Pradesh, reports Economic Times.
The refineries will come up at an investment of Rs 600 crore each and will have the capacity to extract five lakh litres of ethanol from agri-residue like wheat and rice straw. These refineries will take at least 18 months to be completed after IOC takes possession of the land for the project.
The company has already approached Telangana government with its proposal but is yet to reach out to Andhra Pradesh government.
"We have approached the Telangana government which has identified two parcels of land for the project," said R S S Rao, IOC's executive director and state head for Telangana and Andhra Pradesh.
As per details shared by Rao, the Telangana unit would come up within 200 kilometres of Hyderabad's periphery.
According to IOC's research and development (R&D) director SSV Ramakumar, the company is planning to set up a total of 12 bio-refineries across multiple states which include Gujarat, Haryana and Uttar Pradesh.
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