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Brazil invites Indian cos to invest in cane farming for fuel

Brazil invites Indian cos to invest in cane farming for fuel
PTI
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First Published: Wed, Mar 26 2008. 11 59 PM IST
Updated: Wed, Mar 26 2008. 11 59 PM IST
New Delhi: Brazil, the world’s largest ethanol producer, has allowed Indian firms to invest in sugar cane farming, extract ethanol and export it back home for mixing in petrol.
“They can buy ethanol manufacturing companies, invest in cane farming and producing ethanol,” visiting Brazilian minister of state for industry and foreign trade Miguel Jorge told reporters after meeting oil minister Murli Deora.
India dopes petrol with 5% ethanol to cut its oil import bill. Ethanol content in Brazilian petrol is 25%. Deora said ethanol quantity in Indian petrol could be 10% from October.
State-run fuel retailers are already talking to Brazilian firms for cane farming and ethanol production at an investment of about $600 million (Rs2,406 crore). The initial ethanol production capacity being targeted is 500 million litres.
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First Published: Wed, Mar 26 2008. 11 59 PM IST
More Topics: Brazil | India | Fuel | Money Matters | Commodities |