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Using biofuels, India aims to cut oil import bill by Rs 120 billion: Modi

The govt plans to invest Rs 100 billion and would build 12 biofuel refineries

Reuters  |  New Delhi 

Narendra Modi
FILE PHOTO: Prime Minister Narendra Modi speaks during the BRICS Summit in Johannesburg, South Africa | Photo: Reuters

India aims to cut down its oil import bill by Rs 120 billion ($1.74 billion) through increased use of biofuels, Prime Minister said on Friday.

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

First Published: Fri, August 10 2018. 12:22 IST
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