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| Emami Biotech plans Rs 400 cr project in Ethiopia |
| Press Trust of India / Kolkata Aug 03, 2009, 18:26 IST |
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Emami Biotech, a Emami group company, today announced investing Rs 400 crore in a plantation project in Oromia, Ethiopia within five to six years.
"The company will take up plantation of jatropha, bio-fuel crop and other edible and non-edible seeds on 1,00,000 acres. The company has already received 27,500 acres of land and work will begin soon with initial investment of Rs 120 crore," Emami group director Aditya V Agarwal announced jointly with President of the state of Oromia, Ethiopia.
The debt equity of the project would be 30:70 and the company is negotiating with institutions like State Bank of India, Exim Bank and Bank of Baroda for term loan.
Emami would import the entire production of jatropha oil produced in the African country in its Haldia plant for refining.
"We have engaged Mott McDonald for conducting a feasibility study for the project," Agarwal said.
Emami has a bio-fuel and edible oil plant at Haldia.
Agarwal said the Ethipoian Foreign Direct Investment commitment from India has grown from $300 million to $4 billion in just three years in many sectors.
The Ethiopian consul said a consulate office of the African country would be set up in the metropolis, he said.
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