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IOB signs MoU with Mission Biofuels

CHENNAI: Indian Overseas Bank has entered into a memorandum of understanding with Mission Biofuels India (P) Limited, a company promoting cultivation of Jatropha in Tamil Nadu under contract farming in a big way. According to a release, the company will select the borrowers and provide them all required inputs with buyback arrangement of the produce. IOB will extend loans to farmers for cultivation of jatrapha upto Rs. 25 lakhs at a concessional rate of interest depending upon the quantum of loan. — Corporate Reporter

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