US-based BioChem USA LLC has firmed up its plans to invest ₹3,000 crore in two different projects in Gujarat.
The company on Thursday signed a memorandum of understanding with Gujarat government to set up a bio-refinery at the Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) in Dahej, according to a state government statement.
BioChem USA aims to establish a bio-refinery that will produce fuel ethanol using plant-based raw materials such as corn. The proposal is to set up a large bio-refinery near Dahej PCPIR to process 10 lakh tons of corn and an additional 3 lakh tons of biomass per year to produce protein feed for animals, Biofuel ethanol and Bio jet fuel.
The bio-refinery is expected to come up with an investment of close to ₹2,000 crore and is expected to create 2,000 new jobs in the region by the year 2021, the state government announced Thursday.
BioChem USA will also set up an ethanol to ethylene plant close to the Indian Oil Corporation Ltd’s refinery in Koyali with an additional investment of ₹1,000 crore, according to the statement.
Keeping with the Swachh Bharat Mission the plants will have green-provisions for a zero liquid discharge facility and will also contribute to India’s growing need for bio-ethanol, it said.
The agreement was signed in the presence of the chief minister, Vijay Rupani, between the Industries and Mines (I&M) Department represented by principal secretary I&M, M.K. Das and BioChem president and CEO Yogi Sarin.
“India requires a large amount of bio-fuels and this project will help the country reduce import dependency. The bio-refinery will not only generate new jobs but also help the farmers who can sell cash crops to the refinery. Lastly, as Ethanol burns cleanly this will also reduce environmental pollution," said Das.
The refinery is expected to come up within 24-30 months from financial closure and will start production by March 2021.