India-based oil refinery BPCL is planning to invest nearly $480 million in a joint venture to produce biodiesel within three to four years. So the company is growing one million hectares of jatropha to feed a new biodiesel joint venture within three to four years. This planning came after the government announcement on September 11, 2008 about a national biofuel policy that sets a target of having a 20% blend of biofuels in all transportation fuels sold in the country by 2017. The jatropha will be used to provide feedstock for the biodiesel production and the company will plant jatropha in the northern state of Uttar Pradesh.
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