Cabinet Committee on Economic Affairs approved winding up of CHBL & ICBL

The approval was given at a meeting of the CCEA, chaired by the Prime Minister Narendra Modi, in New Delhi.

Created On: Mar 26, 2017 08:08 IST

CCEA renewable energy CREDAThe Cabinet Committee on Economic Affairs (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 office assets of CHBL and ICBL have been disposed of.

• No manpower exits on the rolls of CHBL and ICBL.

• There is no financial 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.

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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.

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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 non-conventional and renewable sources of energy.

• Most of the schemes like National Programme on Bio-gas Development, Solar Thermal, Solar Photo Voltaic, Remote Village Electrification and Biomass Gasifier, 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 field of renewable energy management.

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