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Ruchi Soya-Solidaridad deal to help palm oil farmers in sustainability
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Tuesday, 09 June, 2015, 08 : 00 AM [IST]
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Our Bureau, New Delhi
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fiogf49gjkf0d Ruchi Soya Industries Ltd, a leading edible oil and soya foods company, recently inked a deal with Solidaridad, a civil society organisation developing supply chains. Valued at Euros 4.5 million, the deal was signed in the presence of prime minister of the Netherlands Mark Rutte.
As part of the deal, Ruchi Soya will share 55% of this investment and Solidaridad the remaining 45%. The project will work on the principle of ‘Make in India’ and ‘More Crop per Drop.’
Accoring to a press release, the two organisations would be working with Indian palm oil farmers training them on sustainable practices to grow more palm oil with less land, water and energy whilst protecting the ecology. Solidaridad would bring in its expertise in sustainable palm oil production from across the world and use state-of-the-art technologies to augment water efficiency and sustainable expansion of palm production in India.
The aim of the project over next 4 to 5 years is to make available significant volume of sustainable palm oil for the Indian market and save at least 1.5 trillion litre of water in palm production and generate major employment in the rural areas. The purpose of this agreement is to set up first major sustainability intervention of palm oil production in India in a Public-Private Partnership mode. As a result, the Indian economy will reduce the outflow of foreign exchange for the import of palm oil.
Speaking on the occasion, Rutte said, “The Netherlands is the second largest exporter worldwide of agricultural produce. Therefore, I welcome the partnership between Solidaridad and Ruchi Soya in the sustainable production and trade of agro-commodities.”
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