i Develop Stocks Advisory

Indian industry looks to investing in bio-fuel in South America South America's expertise in bio-fuel could come to the aid of India in meeting its growing energy requirements, with the Indian industry working out investment avenues in the area in the continent. Indian companies, whose delegates accompanied President Pratibha Patil to South America last month, are looking at setting up and acquiring integrated bio-fuel plants in Brazil and Mexico. Industry members had serious discussions with their counterparts and would return to tie-up joint ventures and investments in bio-fuels. Ruchi Soya is one of the companies that has decided to go back to Mexico. "Being part of the business delegation of the President was overwhelming. Ruchi Soya Industries is looking at investing in integrated bio-fuel plants and also in functional food plants in the field of health and wellness," its Managing Director Dinesh Shahra said. In oil-rich Brazil, the Indian companies also looked at opportunities in the oil and gas sector. While ONGC Videsh has set up offices in Rio and bought stakes in an oil field, many other oil majors, including ESSAR, which was represented on the trip, is looking at opportunities in the South American country.