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Prime Minister Shri Narendra Modi Laid Foundation Stone for Bio-refinery Project in Assam, a Collaboration of NRL, Fortum and Chempolis

Press Trust of India  |  NEW DELHI 

/ -- brings in biggest FDI to North East, in a single greenfield project

commits to invest Euro 13.5 Million in a Project of Euro 160 Million Aims to convert bamboo into biofuel and bio chemicals, using

This bio fuel generated from biomass will save approximately 60 Million US Dollars annually

3 BV, 100% subsidiary of Fortum Oyj, with Refinery Limited (NRL), an Indian refinery company, and Chempolis, a Finnish company, had signed a joint venture for building and operating a bio-refinery in Assam, in the presence of Mr. Sanjay Aggarwal, Managing Director, Fortum India, Mr. S.K Barua, Managing Director, NRL along with, Mr. Per Langer, Executive and Ms. Heli Antila, Vice President, and other Directors of Bio Refinery Pvt. Ltd., the joint venture company, performed the ground-breaking ceremony to set up and operate a bio-refinery in This auspicious ceremony validates Fortum's long term commitment to support India's sustainable goals. The construction of the refinery is expected to be completed by June 2021.

As part of this venture, Fortum and will invest in 50% equity stake, while Refinery Limited (NRL) holds majority 50%. The first-of-its-kind bio-refinery will be based on formico-developed by The key raw material of the bio-refinery is bamboo. The main product bio-ethanol will be sold to NRL who will blend it to petrol. In addition, bio-refinery produces other biochemical and biocoal. Biocoal will be used in to produce heat and power to the bio-refinery. Excess power will be sold to NRL's refinery where it will replace fossil production.

Speaking on this auspicious occasion, Mr. Sanjay Aggarwal, Managing Director, Fortum India, said, " We would like to take this opportunity to applaud the steps taken in the past years by Government of India, for improving the investor's sentiments and helping companies like Fortum to bring investment in and also to increase the usage of bio fuels, as that solves many critical issues, like saving foreign exchange, and providing domestic & clean sources. We are living in a world with diminishing natural resources, and we aspire to be one of the forerunners in resource efficiency. For the world's future, biomass is a valuable raw material that can be used to produce many more products of value than today. As Fortum India, increases its presence in in partnership to building and operating a bio-refinery with NRL and Chempolis, we look to support the country in its path to sustainable development."

"For Fortum, this joint venture is part of programme which aims at more resource efficient use of biomass. The aim is to find ways to separate and put to use all usable fractions of the biomass. This project has set a clear role in fight against climate change. The goal is also to have a positive impact on local communities as it will provide employment opportunities for thousands of people and in the long run, will help local communities to become self-sustained and enhance their living standards. We are thankful that we share this vision with NRL who are known for their highest standards and commitment towards local community and innovation," said Mr. Faizur Rehman, Head & Legal India.

Fortum's programme investigates new business opportunities with and of the process. Fortum is currently testing several different fractioning methods. The company has also co-operation projects with different companies to test the of different methods.

About Fortum:

Fortum is a leading clean-company that provides its customers with electricity, heating and cooling as well as to improve resource efficiency. We want to engage our customers and society to join the change for a cleaner world. We employ some 9,000 professionals in the Nordic and Baltic countries, Russia, and India. In 2017, our sales were EUR 4.5 billion and 61% of our generation was CO2 free. Fortum's share is listed on Nasdaq For more information, visit:

About refinery Limited:

NRL is an Indian refinery company, established in 1993 and commenced commercial production in 2000. NRL has strong base in

About Chempolis:

Chempolis is a Finnish technology company specialised in providing innovative and sustainable carbon-neutral technologies for the biomass, energy, oil, paper, alcohol, sugar and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 11 2019. 18:00 IST