Beckons ties up with US co for algae tech commercialisation

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Beckons ties up with US co for algae tech commercialisation

Beckons Industries Limited (BIL) has got into an agreement with US company Water & Oil Technologies for algae tech commercialisation.

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Beckons Industries Limited (BIL) has got into an agreement with US company Water & Oil Technologies for algae tech commercialisation. In an interview with CNBC-TV18, Gurmeet Singh Bhatia, Managing Director of the company, spoke about it.

Here is a verbatim transcript of an exclusive interview with Gurmeet Singh Bhatia on CNBC-TV18. Also watch the accompanying video.

Q: Could you tell us about these recent developments in the company and what kind of an impact this would have on your profitability?

A: We have entered into a bio-fuel sector for the last four years. We have done lot of R&D into that and successfully developed the technology which can produce crude oil. Today the cost of crude oil which is coming to India the amount is around 600 million barrel and total import is around 2.29 lakh crore and cost of crude oil is Rs 24 per litre.

Q: This tie up that you have just signed with a US company is for algae oil?

A: Yes, algae oil is alternate of crude oil. What we have signed an agreement is we have a growing technology with us and they have the harvesting technology with them. When we join hands then both will be benefited with sort of commercialisation of this technology.

Q: What is the revenue sharing model with the tie up partner?

A: We have an open sort of working agreement with them. It will depend upon the contribution what we will be doing and what they will be doing. If we are doing technology part then they will be doing the financial part then there would be 51-49%, they will have 51% and we will have 49%. If we invest in the project we will have the same proportion of 49-51%.

Q: How much have you invested in terms of this technological set up?

A: Beckon Industry has total R&D expenditure till date is around Rs 4 crore including project and we are expecting the total project cost would be Rs 500 crore in US.