New Delhi Feb 17 (IANS): Government has given in-principle approval to nine more ethanol projects under its ethanol interest subvention scheme.

These projects are expected to add to the additional capacity of about 35 crore litres.

Out of these nine projects, five projects are grain-based and three projects are molasses-based and one project is based on dual feed stock.

These projects have potential to bring investment of about Rs 1,034 crore and will create hundreds of employment opportunities in their respective locations, official sources said.

Under the new window of ethanol interest subvention scheme since April 22, 2022, 299 projects with expected capacity of about 1,481 crore litres have been granted in-principle approvals.

The government is extending financial assistance in the form of interest subvention at 6 per cent per annum or 50 per cent of rate of interest charged by banks, whichever is lower, on the loans to be extended by banks for five years, including one-year moratorium.