Cabinet Committee on Economic Affairs approved winding up of CHBL & ICBL
The Cabinet Committee on Economic Aöairs (CCEA) on 23 March 2017 gave is approval for closure/winding up of CREDA HPCL Biofuel Ltd (CHBL) and IndianOil -Chhattisgarh Renewable Energy Development Agency (CREDA) Biofuels Limited (ICBL).
As of now,
• All oôce assets of CHBL and ICBL have been disposed
of.
• No manpower exits on the rolls of CHBL and ICBL.
• There is no ñnancial outgo from the Government of
India and lands have been returned to CREDA.
• All liabilities have also been settled.
Hence, closure of CHBL and ICBL would result in saving unfruitful expenditure on statutory compliance.
Background
• Joint Ventures (JVs’) CREDA HPCL Biofuel Ltd (CHBL) and IndianOil-CREDA Biofuels Limited (ICBL)
were formed for carrying out energy crop (Jatropha) plantation and production of bio-diesel in
2008 and 2009 respectively.
• The CREDA, an arm of Chhattisgarh, had provided wasteland to CHBL and ICBL through Land
Use Agreement (LUA) for plantation of Jatropha.
• Due to various constraints such as very poor seed yield, limited availability of wasteland and high
plantation maintenance cost the project became unviable and Jatropha plantation activities were
discontinued.
About CREDA
• Chhattisgarh State Renewable Energy Development Agency (CREDA) was constituted on 25 May
2001 under the Department of Energy, Government of Chhattisgarh.
• It implements various schemes pertaining to renewable energy sources and energy conservation
activities.
• It is registered under the Society Act, 1973 with the controlling body being Energy Department,
Government of Chhattisgarh.
• CREDA was established as the nodal agency for the development and promotion of nonconventional
and renewable sources of energy.
• Most of the schemes like National Programme on Bio-gas Development, Solar Thermal, Solar
Photo Voltaic, Remote Village Electriñcation and Biomass Gasiñer, which are sponsored by the
Union Ministry of Non-Conventional and Renewable Energy Sources (MNRE) are implemented by
the CREDA.
• Since its inception, it has also undertaken extensive human resource development activities in
the ñeld of renewable energy management.
Source:jagranjosh
