The Antarctic isolate Oceanobacillus sp. BRI10 producing biosurfactant(BS) was cultivated in media containing different low cost carbon and nitrogen sources. Initially glucose in basal salt medium was replaced individually with sugarcane juice, whey and local commercial table sugar. Maximum emulsification index (E24) of 67.4% was obtained with sugarcane juice. Further, effect of various nitrogen sources was examined on BS production. Among them sodium nitrate was found to be the most suitable compound. E24 increased to 68.74% in the presence of sugarcane juice and sodium nitrate. The yield of biosurfactant in this medium was 14.25g l-1. The chemical characterization of biosurfactant revealed its glycolipoprotein nature consisting of lipids, carbohydrates, and proteins in the ratio of 4:94:2. Our results indicate a 14-fold increase in the yield and eight times decrease in the cost of production without major difference in the chemical nature of the biosurfactant, with respect to control. This is a significant result with regards to scale-up studies, recovery, and application.