Friday, December 26, 2008
SBI, With D1 Mohan Bio for Jatropha Cultivation
| The State Bank of India (Chennai, local headoffice) has signed a memorandum of understanding with D1 Mohan Bio, to finance an estimated Rs 130 crore for jatropha cultivation in Tamil Nadu (excluding Nilgiris) by farmers through contract farming of nearly 1 lakh acres in the first year. The MoU was signed last Saturday in the city by the two organisations. |
| The farmers will be jointly identified by SBI and D1 Mohan Bio – a joint venture of Chennai-based Mohan Breweries and UK-based D1 Oils. All the farmers who have not defaulted on their loans will be eligible for 90 per cent financing of the cost of cultivation. |
| Addressing the media after the signing of the MoU, P Chaudhuri, chief general manager of SBI, said “Small farmers and landless labourers will benefit as we shall finance the cultivation. They shall find a ready market for their produce from D1 Mohan Bio. The loans will be realised from the sale of the crop.” |
| The cost of cultivation is estimated to be Rs 10,760 per acre under dryland conditions and Rs 19,560 per acre under irrigation conditions. Read more info here |
Labels: Jatropha-Investment
posted by Sudha @ 10:41 PM
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