US-based company eyes to invest in India to produce low-cost ethanol

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New Delhi: Sugar mills in India are focusing on Ethanol production. Also, foreign companies are looking to invest in the ethanol industry in the country.

According to the news report published in The Economic Times, True North Ventures Partners (TNVP), a US-based company is interested to invest in India for low-cost ethanol production. The company is searching for a local partner in the country to get benefit from the government’s plan to boost ethanol production.

The Indian government has set a target of blending 10 per cent ethanol in petrol by 2022 and 20 per cent by 2030 to reduce oil imports.

In an interview given to The Economic Times, Michael Ahearn, founder of TNVP said, ““[For] these biotech plants that we’re looking at are hundreds of millions of dollars’ worth of investment. We’d be investing, but alongside Indian partners … There will be an investment to build the factory, the laboratories and production facilities as well.”

To strengthen the financial condition of sugar mills and cut oil imports, the Central government is also emphasising on ethanol production. Earlier, Centre had urged the mills for diversion of excess sugarcane and sugar for the production of fuel Ethanol as a long term solution for addressing the problem of excess sugar stock.

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