Bengaluru, Jul 5 (PTI) The implementation of a biofuel policy in Karnataka could attract over Rs 1 lakh crore in investment over the next five years, Karnataka State Biofuel Development Board chairman S E Sudhindra said on Saturday.

Sudhindra presented a report on the biofuel action plan and his one-year tenure as chairman to Deputy Chief Minister D K Shivakumar at the Vidhana Soudha.

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He highlighted the vast potential of Karnataka's biofuel sector and stressed the need for a new policy to attract investors, his office said in a release.

"If approved by the government, the policy will offer incentives, subsidies, and infrastructure support for production units, enabling us to attract Rs 1 lakh crore in investment over the next five years," Sudhindra said.

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Shivakumar responded positively, assuring full government support for the growth of the sector.

"The government will provide all necessary assistance at every stage to promote the biofuel sector," Sudhindra added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)