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Godrej Agrovet inks pact with AP Govt for edible oil production plant with Rs 100 crore investment
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Friday, 10 March, 2023, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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Godrej Agrovet Limited (GAVL), one of India’s largest diversified agribusiness company, announced that it has signed a Memorandum of Understanding (MoU), with the State Government of Andhra Pradesh (AP), on the side lines of Andhra Pradesh Global Investors Summit (APGIS) 2023.
As a part of MoU, GAVL’s Oil Palm business will be making an estimated investment of INR 100 Crores to set up a manufacturing facility for Edible Oil Refinery & Solvent Extraction Plant.
GAVL is the largest oil palm processor in India and works directly with the farmers for the entire lifecycle of their crop. With company already having 45,000 h.a of oil palm plantation area in AP, the proposed new plant will have a projected refining capacity of 400 tonnes per day and will be set up in Seethanagaram, Eluru District in AP. This is GAVL’s first downstream project for value-added products in oil and fats.
Balram Singh Yadav, managing director, GAVL, said, “The MoU is in line with Godrej Agrovet’s long-term strategy to be the catalyst in India’s oil mission through sustainable growth of oil palm production. This new investment is built up on the Rs 1000 crore investment in the state by the Oil Palm, Aqua Feed and Dairy businesses.”
Sougata Niyogi, CEO – Oil Palm, GAVL, said, “Having pioneered innovation in developing oil palm sector under irrigated conditions, the state of AP continues to lead country’s fresh fruit bunch volume and oil production. With bulk of GAVL’s oil palm plantation in the state, the facility near to our Crude Palm Oil Mills will help cater captive need originating from oil palm work in the southern states along with demand from other crude palm oil players in the region. This in sync with National Mission on Edible Oil - Oil Palm (NMEO-OP) will aid reduce nation’s dependence on imports.”
Rakesh Swami, group president corporate affairs, Godrej Industries, said, “AP has a unique geographic and climatic advantage which will propel businesses to partake in the growth story of the state. As a Group, we are keen to explore the business-friendly policies, emerging cities, and aspiring demographic dividend for the growth of our consumer products, real estate, and finance businesses. With impeccable support from the state government and our strong legacy of people and planet first business ethics, we are committed to expanding the business footprint in the State.”
India is a net importer of palm oil. Since the launch of National Mission on Edible Oil - Oil Palm (NMEO-OP), in August 2021, GAVL had established a goal to add 60,000 hectares of additional oil palm plantations over the course of the next five years to support the long-term sustainable development of oil palm in India. To achieve this goal, the company recently announced the launch of Samadhan, a one stop solution centre that would provide a comprehensive package of knowledge, tools, services and solutions to oil palm farmers. With company’s oil palm business currently operating in Andhra Pradesh, Telangana, Tamil Nadu, Goa, Odisha and North - East, the plans to establish 50 Samadhan centres by 2027.
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