Hyderabad, April 6
Naturol Bioenergy, which is setting up a Rs 140-crore bio-diesel plant in Kakinada, has entered into an agreement with the Belgium-based De Smet Ballestra group for the project.
The Belgian company, a global leader in oil, fats, detergent and soap engineering technologies, would help the Indian company with bio-diesel process engineering and innovative solutions.
Addressing a press conference here on Thursday, Mr C.S. Bhaskar, Managing Director and Chief Executive Officer of Naturol, said the company had achieved financial closure.
The debt-equity ratio was 1.5:1, with APIDC Venture Capital, UTI Venture Funds and SIDBI Venture Capital picking equity. IDBI, Andhra Bank, Central Bank, Nabard and LIC have provided loans.
The plant with 300 tonnes a day capacity was expected to become operational by January 2007. Initially the company would source raw material from outside, as it wanted to encourage the farming community to grow jatropha."We are encouraging farmers sitting on barren lands to grow jatropha. We have targeted to cover 1.5 lakh acres of wastelands for to grow jatropha cultivation crops," he said.