News Release Details

IndianOil signs agreement with Ruchi Soya Industries<br/><font size=-1.8 color=#003366>Strategic partnership to establish model Bio-diesel value chain in UP<font>
New Delhi   26-Mar-2010
<div align=center><img src=http://www.indianoilexpress.com/NewImages/Thumbnail/RuchiLLP.jpg></div> In a move aimed at building the Bio-diesel business, IndianOil, has entered into a Limited Liability Partnership agreement with M/s. Ruchi Soya Industries Ltd. (RSIL), a leading manufacturer of high quality edible oils. The agreement seeks to establish a model Bio-diesel value chain for production of Bio-diesel in the State of Uttar Pradesh and encompasses nursery management, contract farming and oil seed processing. This landmark agreement was signed yesterday by Mr. B. M. Bansal, Chairman, IndianOil, and Mr. Dinesh Shahra, Managing Director, RSIL. Speaking on the occasion, Mr. B. M. Bansal, Chairman, IndianOil, said, “This agreement aims to generate rural employment and foster the nation’s energy security. By promoting Bio-diesel production from Jatropha, our partnership with Ruchi Soya will go a long way in contributing towards reducing carbon emissions and combating global warming”, he added. With over 1000 hectares of wasteland under Jatropha plantation in the States of Chattisgarh and Madhya Pradesh, IndianOil is one of the major captive energy crop plantation companies in the country. IndianOil is looking at Bio-diesel as an important source of alternative fuel and aims to become the leader in commercial Bio-diesel production from Jatropha.