The India Biofuels Company aims to build a world class commercial biofuels company in India in the coming decade. IBFC believes there is a real and necessary opportunity to develop a large-scale biofuels industry in India. With petrochemical energy supply continuing to increase in financial and political cost, a real alternative to India's energy and transport fuels needs is an urgent priority. Using the best in agribusiness, energy and corporate financial expertise, IBFC aims to bring more than one million hectares of unused, uneconomic rural wasteland under full-scale commercial biofuels production during the next ten years.   IBFC believes this project meets India's development priorities including: Reduction of poverty and generation of employment in rural areas Foreign Direct Investment Urban and rural environmental amelioration Development of agro-industry including downstream value-added processing Import substitution Foreign exchange savings Leadership in emerging 21st century environmental technologies Leadership in implementation of Kyoto Accords     Most importantly it addresses India's energy production issues. With 17% per cent of the world's population, but less than 1% of the world's energy production, meeting India's energy needs is an increasingly important strategic challenge in ensuring its continuing ascendance as an economic world power. IBFC aims to achieve large-scale production of biofuel using indigenous technology and agricultural expertise, and employing local labour on Indian soil.