Indian Oil Corporation (IOC) to invest INR 800 crore in setting up of ethanol manufacturing plant on 50-acre land in Gorakhpur, Uttar Pradesh. The state cabinet has accepted the proposal of allocating 50 acres to Indian Oil Corporation on a 30-year lease. Indian Oil Corporation (IOC) will set up second generation ethanol plant which uses cellulose as the raw material that includes cane by-products, farm residue, vegetable oils and sugar etc.