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“Assessment of Future and Scope of Biomass Plantation Project at Radhe

Renewable Energy Development Pvt. Ltd.”

Mr. Makwana Amitkumar Vitthalbhai
Reg. No.: J4-00433-2008
Student of MBA in Agri-Business


Mr. C. R. Bharodia
Assistant Professor

Post Graduate Institute of Agri-Business Management.


JUNAGADH - 362 001.

Date of submission: / /2010

Current semester: Fourth Semester MBA in Agri- Business


1 Name of the Student : Mr. Makwana Amitkumar Vitthalbhai

2 Name of the Degree : MBA in Agri-Business
3 Registration Number : J4 -00433-2008
4 Major Subject : Agri-Business Management
5 Minor Subject : Agriculture Marketing
6 Name of Major Advisor : Mr. C. R. Bharodia,
. Assistant Professor,
Post Graduate Institute of Agri-Business
Management, JAU, Junagadh
7 Title of Research Problem : “Assessment of Future and Scope of Biomass
. Plantation Project at Radhe Renewable Energy
Development Pvt. Ltd.”
8. Introduction
Biomass consists of all growing organic solid matter such as plants, trees, grasses,
and peat. Biomass is considered as renewable source of energy because it replenished
more quickly when compared to the millions of years required to replenish fossil fuels.
India is blessed with a rich resource of biomass particularly from agriculture as well as
residues from timber and agro based industry (Bala, 2003).
From a renewable energy perspective biomass can be defined as resent organic
matter originally derived from plants as result of the photosynthetic conversion process or
from animals and which is destined to be utilized as a store of chemical energy to provide
heat, electricity or transport fuel. Biomass resources include wood from sustainable
grown plantation forests, residues from agriculture or forest production and organic west
by-products from food and fiber industries, domesticated chemicals and human activities
(Ralph, 2002).Biomass resources include various natural and derived products such as
woody herbaceous, wood wastes, agricultural and industrial residues waste municipal
solid waste saw dust bio-solids, grass waste from food processing animal waste, aquatic
plants etc.
Biomass is one of the most important sources of energy in the developing
countries, and provides 14 per cent of the world's energy. Biomass is any organic
material that can be produced on a renewable basis and can be used as a feedstock for the
generation of fuels, electricity, materials, chemicals, and many other products. Biomass
has been utilized in the past on a very limited basis, but due to current economic
conditions within the country it has become a concept undergoing development to
potentially move the nation forward towards self sufficiency (Anon., 2008).
8.1 Importance of Biomass in India
Energy especially from fossil fuels is a key ingredient for all sectors of a modern
economy and plays a fundamental role in improving the quality of life in less-developed
economies. In 2001, India was ranked sixth in the world in terms of energy demand. India
imports 70 per cent of the oil it uses, and the country has been hit hard by the increasing
price of oil, uncertainty and environmental hazards that are concerned with the
consumption of fossil fuels. In such context, bio-energy constitutes a suitable alternative
source of energy for India, as large amounts of raw material are available to be harnessed.
India has approximately 50 million hectares of degraded wasteland that lie outside
the areas demarcated as national forests, and another 34 million hectares of protected
forest area, in much of which tree cover is severely degraded. A massive program is
needed to develop energy plantations consisting of oil seed species for bio-diesel
production and fast-growing tree and fodder crops for a national network of small,
decentralized biomass gasifiers’ power plants.
Industrial biomass can be grown from numerous types of plants, including hybrid
napier, misconstrues, switch grass, sun hemp, corn, poplar, willow, sorghum, sugarcane,
other fodder crops and variety of tree species. Biomass can be converted to other usable
forms of energy like methane gas or transportation fuels like ethanol and bio-diesel.
Crops like corn and sugar cane can be fermented to produce the transportation fuel,
ethanol. Also, Biomass to liquids (BTLs) and cellulose ethanol are still under research.
8.2 Biomass based Renewable Energy in India
Biomass has been a key player in energy generation. Due to the dominance of
coal and petroleum products in the industrial age there was a fall in biomass usage. In
India, though the energy scenario in India today indicates a growing dependence on the
conventional forms of energy, about 32 per cent of the total primary energy use is still
using biomass and more than 70 per cent of the country’s population depends upon it for
its energy needs (Teri, 2002).
Major biomass resources available in India and their potential for utilization are
analyzed. The future requirements as well as the biomass resources are identified taking
into account biomass program Government of India (GOI) present installation of biomass
resources for the purpose of energy generation and major instillations for the
production/utilizations are enumerated. Major facilities for the manufacture of
equipments for gasifiers, biomass engines and plant have been detailed. The research and
development activities carried out in the country and what more need to be carried out is
indicated. The feasibility and economic aspects of various technological options available
for utilization of biomass and production of energy are evaluated and preferred options
are short listed.
Like in developing countries, there is a wide gap between demand and supply of
energy in India. There is also considerable environmental and resource degradation
because of a higher dependence on fossil fuels. This dependence on fossil fuels, which
are imported, exacerbates its foreign exchange debt burden. These factors, along with the
country's large endowment of renewable resources, suggest that the development of
Renewable Energy (RE) will go a long way in meeting the challenge of providing clean
power in India. When considering RE power options, especially for India, which has a
high population living in rural areas (Teri, 2002).
8.3 Biomass based Renewable Energy in Gujarat
The cumulative installed capacity of grid connected biomass and bagasse
cogeneration power projects was around of this Gujarat was only 0.5 MW as up to 2008.
Gujarat Energy Development Agency (GEDA) has identified 37 locations across Gujarat
having surplus biomass. Gujarat government has recently issued Letters of Intent (LoIs)
for 317 MW of bagasse based power stations. Gujarat government has set a tariff of Rs.
3.00/Kwhr and Rs. 3.08/Kwhr for purchase of power from bagasse and biomass units,
respectively. Ministry of New and Renewable Energy (MNRE) is also provides capital
subsidy for biomass gasifies and electrical applications. The approval and disbursal of
subsidy is done through the respective state nodal agencies (Anon., 2006).
In addition to the capital subsidy, government provides several fiscal incentives to
encourage use of biomass energy. These include accelerated depreciation of up to 80 per
cent in the first year for selected equipment needed for cogeneration, income tax holiday
of up to 5 years and rebates on select duties and taxes. There are two promising biomass
technologies biomass gasification and bagasse cogeneration. Both of these technologies
have not developed to a large extent in Gujarat. Key challenges include unstructured
biomass market, raw material availability, and technical issues (Anon., 2006).
8.4 Opportunities in India's Renewable Energy Market
India is the fifth largest consumer of energy in the world, and it is projected to
surpass Japan and Russia to become the world’s third biggest energy consumer by 2030.
At the same time, the country is facing an acute energy scarcity which is hampering its
industrial growth and economic progress. India is trying to tackling the energy crisis
through a judicious utilization of renewable energy resources, such as biomass energy,
solar energy, wind energy and geothermal energy. India has seen a 12 per cent increase in
investment in the renewable energy sector with an investment of $3.7 billion in 2008.
That's an impressive investment indeed in absolute terms, though 12 per cent increase
does scant justice to the big needs the country has from renewable energy. It is expected
that this growth rate will be much higher in future (Pillai, 2008).
India's renewable energy market is estimated at half a billion dollars and is
experiencing annual double-digit growth. The market in India for RE business is
estimated at $500 million and is growing at an annual rate of 15 per cent. The new RE
policy of the GOI aimed at generating 10,000 MW of power through renewable and non-
conventional sources by 2012 is expected to further boost the growth rate of this sector.
The estimated potential from RE is 100,000 MW (Teri, 2002).
Key factors responsible for growth in this sector include:
• Large demand supply gap in electricity
• India is generously endowed with RE resources like solar, wind, biomass
materials, urban and industrial wastes and small hydro resources
• Low gestation periods for setting up RE projects with quick return
• Conductive Government Policies
• The large number of financing options available for capital equipments
• Increasing awareness among industry that being environmentally responsible is
being economically sound
8.5 Biomass Energy and Cogeneration
In a country like India, biomass holds considerable promise as an eco-friendly
source for generation of power for decentralized applications. More than 540 million tons
of crop and plantation residues are produced every year, a large portion of which is either
wasted, or used inefficiently. India is the largest producer of cane sugar. The energy
potential from cogeneration is estimated at 19,500 MW, which comprises around 3,500
MW of surplus power from biogas-based cogeneration, and 16,000 MW of grid quality
power from surplus biomass material. Notable initiatives for acceleration of the biomass
power generation program include granting interest subsidy, confessional customs duties,
exemptions from excise duty and sales tax, 100 per cent corporate income tax holidays,
accelerated depreciation, and soft loans for commercial biomass-fired power projects.
8.6 Biofuels
The GOI recently mandated the blending of 10 per cent fuel ethanol in 90 per cent
gasoline. This mandate has created an approximately 3.6 billion-liter demand for fuel
ethanol mandate to the entire country. This significant demand growth creates a
tremendous manufacturing opportunity for the fuel ethanol industry seeking to expand its
investments internationally.
Other potential biomass-derived liquid fuels produced and used in India consist of
edible and non-edible oils such as jatropha, karanje and honge. It has been estimated that
about 5-7.5 million tons of biodiesel can be produced from cultivating some 5 million
hectares of this land. The Indian railways have successfully conducted the trial run of the
Amritsar-Shatabdi Express using bio-diesel and has signed a deal to use environmentally
friendly bio-diesel in its locomotives following a successful trial with the fuel.
8.7 Company Introduction
The Radhe Group, founded by Dr. Shailesh Makadia, is India's largest private
sector enterprise, with businesses in the energy sector. Group's annual revenues are in
excess of INR 2500 billions (Euro 40 Million). Radhe Renewable Energy Development
Pvt. Ltd. is the largest private sector company in Metoda, India. Starting with Bio-coal in
the late nineties, Radhe pursued a strategy of backward vertical integration in meeting the
nation’s energy and environmental challenges by developing technology-based solutions
for consumers, industry and government (Radhe, 2010).
The Group's activities include span exploration, development, manufacturing and
marketing of non-conventional and renewable source of energy equipments. Radhe
enjoys global leadership in its businesses, being the leading manufacturer of gasifier plant
and Briquetting machines and enjoys enviable position with 300 per cent growth.
Radhe Renewable Energy Development Pvt. Ltd. is flagship companies of Radhe
Group of Energy founded in 1998 with headquarter in Rajkot (Gujarat). The company
engaged in development, designing, supplying, installing and serving turnkey energy
projects that integrate seamlessly with our customers' operations.
In an era of higher energy prices, replacing liquid fuels means dramatically lower
costs, higher operating margins and less reliance on fossil fuels. Furthermore, by using
renewable biomass fuels such as briquettes, customers can dramatically reduce their
carbon footprints.
Radhe Renewable Energy Development Pvt. Ltd. is mission to increase the
profitability of their customers by delivering reliable, cost-competitive, clean energy
solutions that maximize savings. Radhe Renewable Energy Development Pvt. Ltd. has an
in-house R&D center recognized by Government of India which is developing new
applications that will continue to increase customer’s value.
8.7.1 Company Situation in Indian Market
Radhe stands apart with 65 per cent of total installation of gasification technology
from the rest in India, as per the survey by Karnataka State Council of Science &
Technology and submitted to Department of Science and Industrial Research (DSIR).
8.7.2 Products of the Company
• Biomass Gasifier Plant
• Biomass Briquetting Plant
8.7.3 Market Coverage
The major market of company is all over India and abroad countries like Uganda,
Tanzania, Ethiopia, Kenya, Canada, and UK. Major customers of the company are
ceramic industry, steel industry, lime industry, mineral industry, and chemical process
industry. Radhe Renewable Energy Development Pvt. Ltd. covers 65 per cent of Indian
market holding.
9. Scope of the Study
Radhe Renewable Energy Development Pvt. Ltd. is moving forward with the
concept of utilizing biomass as a source of energy and reducing its reliance on fossil
fuels. Currently the company is operating the research project at Toda farm to cultivate
biomass crops. Company has taken experiments on different 15 types of biomass plants,
which gives yield at different harvesting interval. Through this project company is testing
high yielding short duration biomass crops, and finally company will select best yielding
crop that is suitable to cultivate for biomass in wide area, that will be able to produce
more energy to fulfill the requirement of energy throughout the year and generate fiscal
value. It will not only reduce the amount of fossil fuel used, but also reduce air pollution
compared to the current fuel source of oil. The biomass will be used as a feedstock for
energy generation from grasses and forest crops. This allows to local areas to have a
system that will be able to accommodate multiple fuel sources which provides added
flexibility for the state to utilize other feed stocks depending on availability, accessibility
and cost.
The project will help to provide dry biomass to the local area with a locally raised
and harvested product from fallow and degraded land that will be able to supply them
more of its energy and heating requirements. This project will be a huge benefit to the
local economy because the local economy is driven by and thrives on agriculture. It will
allow local farmers to produce the biomass on their degraded and fellow lands to supply
the product to required area and generate revenue, which will provide the opportunity for
company to establish another value-added opportunity for marketing their products. The
project will also include a large research component that will be used for future
innovation of biomass energy production, but also to the local community and other to
the district within the county and the state.
Project Benefits
 Increase use of biomass as a renewable energy source.
 Energy created using a renewable resource for biomass.
 Reduce the reliance on fossil fuels for energy.
 Reduce the air pollution by burning biomass as opposed to fossil fuels.
 Cost savings from using of conventional resources.
 Reduce fuel consumption.
10. Objectives of the Study
1. To determine the yield potentiality of various biomass crops in different
harvesting interval.
2. To workout the cost of cultivation of hybrid napier, ikad and sesbania.
3. To analyze the economic aspect of the hybrid napier, ikad and sesbania.
4. To compare yield and return of hybrid napier, ikad and sesbania.
11. Review of Literatures
Marie et. al. (1998) indicated that many biomass feed stocks (e.g., forest residues,
agricultural residues, municipal solid waste, energy crops) can potentially be used to
produce liquid fuels, electricity, and heat, the development of a biomass industry capable
of providing substantial quantities of energy will require the large-scale production of
dedicated energy crops.
Scurlock (1999) studied that miscanthus is a tall perennial grass which has been
evaluated in Europe over the past 5-10 years as a new bio-energy crop. The sustained
European interest in miscanthus suggests that this novel energy crop deserves serious
investigation as a possible candidate bio-fuel crop for the United States alongside switch
grass. To date, no agronomic trials or trial results for miscanthus are known from the
conterminous United States, so its performance under U.S. conditions is virtually
unknown. Speculating from European data, under typical agricultural practices over large
areas, an average of about 8t/ha (3t/acre dry weight) may be expected at harvest time. As
with most of the new bio-energy crops, there seems to be a steep "learning curve."
Establishment costs appear to be fairly high at present (a wide range is reported from
different European countries), although these may be expected to fall as improved
management techniques are developed.
Woods (2000) reported that biomass can be burned to produce heat and can be
changed into gas like fuel such as methane. Biomass can also be converted into
electricity. Biomass can also convert into liquid fuels called bio-fuels such as ethanol,
methanol, bio-diesel and additives of reformulated gasoline.
Duffy and Nanhou (2001) studied that evaluated the cost of switch grass
production under different yields and land charges for cropland and grassland in southern
Iowa. The cost of producing switch grass varies considerably under alternative yield and
land charge assumptions. Not surprisingly, seeding switch grass on grassland showed
lower production costs (than on cropland) and costs are reduced by more than 50 percent
when yields rise from 3.36 to 13.44 MT/ha. Cost of land has the second most significant
influence on cost differences. These results suggest that switch grass production would be
most economically viable on marginal land using best-management techniques.
Hallam et. al. (2001) on their study compared the production costs of several
energy cropping systems including canary grass, switch grass, and other species in two
Iowa locations for 1993. Of the perennial grasses, switch grass was the highest-yielding
crop and had the lowest per-ton costs at both locations. Switch grass also had slightly
lower costs than the intercropping systems (alfalfa-sorghum; reed canary grass-sorghum).
The break-even price (cost per hectare divided by expected yield per hectare) estimates
ranged from $30.53 to $38.14/MT for switch grass (versus $44.59 to $73.64/MT for the
lower yielding reed canary grass). However, costs per MT of biomass produced were
lowest for sorghum (which also produced the highest yields of all crops and systems
tested), somewhat higher for switch grass, higher still for big bluestem, and highest for
alfalfa and reed canary grass. Although the sorghums had the highest yields, they are not
well suited for sloping soils because of the high potential for erosion, making sorghum
less attractive in certain circumstances.
Ralph (2002) stated that renewable energy perspective biomass can be defined as
resent organic matter originally derived from plants as result of the photosynthetic
conversion process or from animals and which is destined to be utilized as a store of
chemical energy to provide heat, electricity or transport fuel. Biomass resources include
wood from sustainable grown plantation forests, residues from agriculture or forest
production and organic west by-products from food and fiber industries, domesticated
chemicals and human activities.
Bala (2003) reported that the material of plants and animal is called biomass and
bio-fuel is any fuel derived from of stored solar energy. Biomass provides a clean
renewable energy source that could dramatically improve our environment economy and
energy security. Biomass energy system offers an opportunity for sustainable self reliant
and equitable development.
Heaton et. al. (2004) studied in a side-by-side comparison between Miscanthus
and switch grass, found Miscanthus to produce significantly more (twice as much)
biomass than switch grass across a range of growing conditions. Miscanthus showed the
strongest response to water, while switch grass responded more to nitrogen levels.
Heaton et. al. (2004) studied on a sterile variety of Miscanthus in Illinois trials to
assess its potential under Illinois conditions and its performance compared to traditional
row crops. Overall, the results suggest that Miscanthus could yield an average of 33 tons
of dry matter per hectare. And under high energy prices, the Miscanthus crop would be
profitable if grown for 4 or more years.
David et. al. (2007) studied biomass is humanity’s original fuel, and has a long
commercial history as well U.S. growth in biomass use during the 1970s and 80s. In the
lumber and pulp industries, for example, a combination of tighter air pollution regulations
and higher oil prices in the 1970s caused facilities to start burning their own waste for
useful energy (having previously just incinerated waste). In 1972, 21.3 per cent of the
U.S. paper industry’s energy came from oil, but by 1986 this had dropped to 8.5 per cent.
Natural gas use declined similarly. The first modern non-forest products industrial boiler
was installed in Alabama in 1975, and a number of others followed.
Dey et. al. (2007) studied economic analysis of bamboo based agro-forestry
system in eastern and south eastern coastal plain of Orissa and observed that bamboo
cultivation of flute methods NPV, BCR and IRR Rs.72550, 2.93 and 47.85 per cent
respectively at 10 per cent discount rate of interest.
Gondalia, and Patel (2007) studied economic viability of aonla plantation in
Gujarat has been studied through a sample of 120 aonla growers spread over 12 selected
villages of the Kheda and Anand districts for the agricultural year 2003-04. It has been
found that establishment of aonla orchard involves high investment, but the annual net
returns are also quite high, after the third year of plantation. The values of economic
parameters, viz. NPV, BCR, IRR and PBP have been found to be Rs. 652652, 5.25, 65.03
per cent and 55 months, respectively at 10 per cent discount rate. Under varying cost and
return situations, values of all these feasibility parameters have satisfied the acceptance
rules for the investment proposition. It has confirmed the economic viability, stability and
certainty of investment on aonla orchard.
Anon. (2008) reported that economics of switch grass storage depends on switch
grass market prices. Indoor storage (totally enclosed or open sides) only becomes
economically viable if the switch grass price is higher than $44/MT. For a price higher
than $55/ton and a yield of 8 dry MT/hectare, delivered costs of switch grass will range
from $75.9/MT to $91.8/MT, depending on storage options and the type of land used for
production. Economics of switch grass also depend on the type of land on which switch
grass is grown.
Cooke (2008) studied that supply of short rotation coppice, miscanthus and local
forestry wastes are shown to be viable. Each of these sources could be grown or sourced
locally, providing economic, practical to the local community over the long term.
Delphine et. al. (2009) studied that cost of supplying a plant with miscanthus is
much higher than with residues only. Thus, crop residues appear to offer a lower cost to
produce bio-diesel in the near term compared to a dedicated crop. Production of bio-fuel
from cellulosic biomass should not be limited by the supply of raw material, but costs of
conversion to liquid fuels clearly will play a key role in the development of cellulosic
bio-fuels. Energy prices and policies will have a significant impact on second generation
bio-fuel development.
12. Methodology
12.1 Area of Study
Toda research farm is situated near Toda village, Kalavad Taluka of Jamnagar
District, Radhe Renewable Energy Development Pvt. Ltd. running research project on
cultivation of different type of biomass plant species in the farm. The aim of the project is
to take maximum trial on different species of biomass crop and determine high yielding
variety of biomass crop that is suitable for mass production of biomass on degraded and
fallow land and produce large quantity of biomass which is useful to generate energy and
economic value. Company is running research trial on fifteen types of biomass crops.
12.2 Data Collection
The study of the problem will be based on secondary data. Secondary data will be
collected by company's biomass project record. The relevant information on various
aspects of cost of cultivation of biomass crops, input use were collected from Radhe
project farm’s record book.
12.3 Analytical Procedure
The research will covered different aspect of commercial cultivation, propagation
technique, fertilizer requirement, irrigation, weeding, soil working, plantation and
harvesting cost. The economic evaluation will carried out for the parameters Viz., NPV
(Net Present Value), IRR (Internal Rate of Return) and BCR (Benefit Cost Ratio) at
discount rate 12 per cent per annum as general interest rate taken in the most of bankable
projects. A brief description of the analytical techniques used is presented below
(NABARD, 2010).
12.3.1. Cost of Cultivation
Various cost concepts will use to estimate the cost of cultivation, which are site
preparation cost, initial ploughing cost, FYM cost, fertilizer cost, insecticides cost, plants
cost, planting cost, weeding cost, harvesting cost, irrigation cost etc. calculated by simple
calculation (Dey et. al., 2007).
12.3.2. Net Present Value (NPV)
Net Present Value is comparing the present value of the future net cash flows
from an investment in crop production; it is the one of the main ways to evaluate an
investment. Net present value is one of the most used techniques and is a common term
in any project evolution. Net Present Value analysis eliminates the time element in
comparing alternative investments. The NPV method usually provides better decisions
than other methods when making capital investments. Consequently, it is the more
popular evaluation method of projects (Panday, 2009).

The general formula for Net Present Value (NPV) is as follows:

NPV = ∑[ F j /(1 + i ) j ] − I 0
j =1

• Fj is the annual cash flow of the investment after harvesting of crop
• i is the interest rate
• I0 is the initial investment of crop production
• n is the life time of the investment for crop production
12.3.3 Internal Rate of Return (IRR)
Internal Rate of Return (IRR) is a rate of return used to measure and compare the
profitability of investment the project. It is the annualized effective compounded return
rate that can be earned on the invested capital. IRR of an investment is the interest rate
where the costs of the investment lead to the benefits of the investment (Panday, 2009).

The general formula for Internal Rate of Return (IRR) is as follows:

• Lower rate is lower interest rate
• Higher rate is higher interest rate
• NPV at lower rate is Nat Present Value at low interest rate
• NPV at higher rate is Nat Present Value at low interest rate
12.3.4 Benefit Cost Ratio (BCR)
Benefit Cost Ratio (BCR) is also known as Profitability Index (PI) method, it is
the ratio of investment to payoff of a proposed yield. If value of profitability index lower
than one would indicate that the crop yield's present value is less than the initial
investment. The value of the profitability index increases than one, so does the financial
attractiveness of the proposed for selection or feasible to cultivate that crop (Panday,

The ratio is calculated as follows:

• PV is Present Value of future cash flow

12.3.5 Limitation of the Study

 The data collected from the company project report may be risky because it may
not be suitable reliable adequate.

 Sample generate the secondary data is small.

 There are regional variations on the growth and development of plant species.

 It is difficult to judge whether secondary data is sufficiently accurate or not for


 There may be missing information on some observations, unless such missing

information is caught and corrected for analysis will be biased.
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of Cellulosic Biomass Available in France from Agricultural Residue and Energy
Crops”. Bio Energy Research Journal, Springer New York, pp : 4-4.

Dey, A. N.; Mohanty, T. L. and Patra, S. N. (2007) “Economical Analysis of Bamboo

Based Agro forestry System in Eastern and South Eastern Costal Plains of
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James Ltd., pp : 1-3.
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Energy Crop”. Environmental Sciences Division Publication No. 4845 : 10-10.
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< opt/article> (Last Assessed on 10th February, 2010).
Woods, J. (2000). Integrating Sweet Sorghum and Sugarcane for Bioenergy: Modeling
the Potential for Electricity and Ethanol Production in South East Zimbabwe.
Ph.D Thesis, King's College London, University of London, UK.

This is to certify that Mr. MAKWANA AMITKUMAR VITTHALBHAI has made

an oral presentation of the project synopsis in the presence of advisory committee
members, other faculty members and MBA in Agri-Business students at Graduate Institute
of Agri-Business Management, JAU, Junagadh dated on / /2010. The student has
incorporated all the suggestions made during the presentation.

Signature of Major Advisor and the Members of the Advisory Committee

Particular Name Designation Sign

Assistant Professor,
Major Guide Mr. C. R. Bharodia PGIABM,
JAU, Junagadh.
Co - Guide Dr. D. V. Delvadia Dept. of Horticulture,
JAU, Junagadh.
Member Dr. H. R. Pandya Dept. of Agril. Statistics,
JAU, Junagadh.
Asstt. Research Scientist,
Member Dr. M. G. Dhandhlya Dept. of Agril. Economics,
JAU, Junagadh.
Recommended by

In charge of P.G. Centre.


Post Graduate Institute of Agri-Business Management,
Junagadh Agricultural University,