October 8, 2007 (Financial Times Online) – IKF Technologies signed joint venture (JV) agreements with two Thai companies – Kiwin and Kondanna Group (an associate of US-based Kondanna Energy and Petroleum ), reports Business Line.The contract is signed for jatropha plantations, in both Thailand and North East (for bio diesel); and also for supply of fly ash from India.
IKF created jatropha plantations in 30,000 acres in Jaintia Hills area of Meghalaya, along with inter-cropping in an additional area of 1,000 acres. IKF also has a presence in the Giridih area of Jharkhand. The company is looking at investment proposals in areas like jatropha plantation, jatropha-based bio diesel, tropical sugarbeet-based ethanol and hydel projects.
As per the contract, one million tons of fly ash will be supplied annually from India to Kondanna. The JV agreement for the ethanol project is between Salampuria Botanicals of IKF and the Thai outfit of the New York-based US company.
The company intends to create jatropha plantations in both North East of India and Thailand with initial investment of USD 50 million approximately.
The plantation-bio diesel venture is expected to employ 5 lakh jobs per annum. The company`s earnings of nearly Rs 880 million are through carbon credits. The proposed ethanol plant in the north east will have an estimated capital cost of USD 20 million.
Shares of the company closed down Rs 0.1, or 1.48%, at Rs 6.65. The total volume of shares traded at the BSE was 4,270,244. (Friday)