My Eco Energy (MEE), a Pune-based company engaged in the manufacture and distribution of bio-fuels, has launched its first bio-diesel station at Lonikand near Pune.
The bio-diesel branded Indizel retails at ₹64 per litre.
Made from feedstock like palm stearin and palm fatty acid distillate, the bio-diesel can replace fossil diesel completely, and is currently being manufactured under a contract agreement at Kolhapur and Vizag, Santosh Verma, Director, MEE said.
The current capacity is 25 lakh litres per day, and third location at Noida which will use cotton seed acid oil as feedstock has also been identified, while more manufacturers will be added in time, he added.
The initial plan is to distribute the fuel in Maharashtra and eventually roll out outlets across the country.
“We plan to establish 500 such fuel stations and 2,000 outlets in three different, smaller, formats in the next 18-24 months,” Verma said, adding that a second fuel station is due to be launched at Khalapur along the Pune-Mumbai national highway in September.
The promoters of MEE, who also own Go Fuels, a UK-based manufacturer and retailer of bio-fuels have invested ₹80 crore in India so far. They plan to invest a total of ₹250 crore raised through equity and internal accruals in the India venture, Verma said.