India aims to cut oil imports by $1.74 billion by using biofuels: Modi

NEW DELHI (Reuters) - India aims to cut down its oil import bill by 120 billion rupees ($1.74 billion) through increased use of biofuels, Prime Minister Narendra Modi said on Friday.

The South Asian nation, which imports up to 80 percent of its oil needs, plans to invest 100 billion rupees and would build 12 biofuel refineries, Modi said.

($1 = 68.9575 Indian rupees)

(Reporting by Nidhi Verma; Editing by Malini Menon)