Kolkata, Aug 3 - Emami Biotech, belonging to the Rs.2,000-crore Emami group, will invest Rs.400 crore (around $80 million) in a jatropha plantation project in Oromia in Ethiopia over the next six years, a top company official said here Monday.

'We have already acquired around 30,000 acres and work has begun for jatropha cultivation. For the first phase that we have already started, the investment is around Rs.120 crore,' said Emami director Aditya V. Agarwal at a press conference.

Apart from jatropha, the company will also grow sunflower, castor, pulses and herbs like menthol in the East African country.

'We have chosen Ethiopia for investment because of availability of cheap labour, contiguous land and congenial business environment,' Agarwal said.

Emami Biotech will pump in 30 percent of the project cost, with the rest to be mobilised from banks and financial institutions.

'We are already in talks with Exim Bank, Bank of Baroda, State Bank of India and Corporation Bank.