Cabinet nod to closure of joint ventures CHBL, ICBL

New Delhi March 22 (IANS) The Cabinet Committee on Economic Affairs on Wednesday approved the closure of two joint ventures -- Indian Oil-Chhattisgarh Renewable Energy Development Agency (CREDA) Biofuels Ltd. (ICBL) and CREDA-HPCL Biofuel Ltd. (CHBL).

All office assets of CHBL and ICBL have been disposed. No manpower exits on the rolls of CHBL/ICBL. All liabilities have also been settled. Closure of CHBL and ICBL will result in saving unfruitful expenditure on statutory compliance a Petroleum Ministry release said here.

The joint ventures between CHBL and ICBL were formed for carrying out plantation and production of bio-diesel from jatropha plant in 2008 and 2009 respectively.

Due to various constraints such as very poor seed yield limited availability of wasteland and high plantation maintenance cost the project became unviable and jatropha plantation activities were discontinued the statement added.

--IANS
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