India invests in Australian biofuels
An Indian consortium which includes the Bhoruka Group plans to invest AUD$63 million (€37.6 million) to produce edible oils and eventually biodiesel in NSW.
The venture will be named Riverina Oils & Bio Energy (ROBE). Three partners Dhruv Saxena, leading Indian businessman Satya Agarwal, chairman of Bhoruka Group, and Ravi Uppal own 60% of ROBE, and the US technology venture capital group, Lotus Ventures, holds 40%.
Edible oils would be produced in the first phase and biodiesel was planned for the second phase.
Construction of the plant in Wagga Wagga, New South Wales, which has the capacity to crush and refine 170,000 tonnes of oil seed each year, is due to begin after a groundbreaking ceremony on 11 September.
The plant, due to begin production in October 2010, is expected to export 65,000 tonnes a year of refined vegetable oil to India, Japan and other parts of Asia.
It will also produce 105,000 tonnes a year of vegetable protein meal for use in the Australian poultry, diary and animal feed industry.
The value is in the oils which sold for around $1,500 a tonne compared with $350-$400 a tonne for protein meals.
At full capacity the plant would generate annual revenue of $150 million, with the value of edible oil exports reaching $100 million in the first five years.
If you are looking for a greater insight into the India/Australian biofuels sectors then Biofuels International expo & conference is the event for you, from 19-20 November in Singapore.
See more at: http://www.biofuelsinternationalexpo.com/asia/