US-based True North Venture Partners eyes bio-ethanol investment
New Delhi: True North Venture Partners will invest “hundreds of millions of dollars” to produce low-cost ethanol in India and is looking for local partners, hoping to gain from the government’s plan to increase the chemical’s blending with petrol, the US venture capital firm’s founder said.
The government has targeted 10% blending of bioethanol in petrol by 2022, which will rise to 20% by 2030, to reduce dependence on oil imports and cut carbon emissions. Currently, the US Department of Agriculture pegs the rate at 5.2%, according to its annual report on biofuels.
