The company claims that it is likely to close the joint venture deal in next six months, reported Bloomberg.

SG Biofuels chief executive officer Kirk Haney was quoted as saying that the company sees a huge potential for its technology in both the markets.

"We’ll choose a company that has business experience in those geographies and specifically related to agriculture or energy," noted Haney.

The move from the company is on the lines with growing market for biofuel in airlines sector that puts in 40% of its total operating costs for fuel.

"Now that companies like ours have demonstrated cost competitiveness with petroleum, they’re really starting to embrace buying biofuel and are making investments," revealed Haney.

Meanwhile, the company is analyzing ways to extract oil from inedible jatropha, the seeds of which are processed to make oil for biodiesel and jet fuel.

SG is currently working on plantation of 86,000 acres of the jatropha plant in India in collaboration with Bharat Petroleum alongside similar alliance with Airbus in Brazil planting 75,000 acres of the crop.