New Delhi: Indian Oil Corporation Ltd (IOC), a major fuel supplier in the country, proposes to enter into agri-related activities, particularly bio-crops. IOC has taken measures to bring in suitable amendments in its memorandum of association that will enable the company to carry out business in bio-fuels and allied products. This in effect will permit IOC to go for cultivation of plants like jatropha to be used for blending with diesel. The company expects to incorporate a clause enabling it to carry out, organise, develop, exploit and manage within the country or overseas any business relating to and allied to discovery, development, farming, cultivation, extraction, processing and manufacture of bio-fuels and allied products and services. IOC proposes to take up amendment in its annual general meeting scheduled for September.
There is still not much clarity on the bio-diesel policy, hence, the company wants to progress cautiously. For entering into jatropha plantation, IOC is looking for availability of continuous land areas, and has applied to the Madhya Pradesh Government. The company has called expression of interest from seed vendors and those who can undertake large-scale plantation activities. States like Tamil Nadu, Gujarat, Andhra Pradesh, Chhattisgarh, Madhya Pradesh, and Rajasthan were keen on bio product activities. IOC is expecting to initiate plantation activity in another six months.
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