Yadav underline Godrej’s long-term strategy to be catalyst in India’s oil mission
Godrej Agrovet Limited (GAVL) will be making an estimated Rs.100 crore investment to set up a manufacturing facility for Edible Oil Refinery & Solvent Extraction Plant in Andhra Pradesh.
It has signed a Memorandum of Understanding (MoU) with the State Government on the side lines of Andhra Pradesh Global Investors Summit (APGIS) 2023.
GAVL Managing Director Balram Singh Yadav said on 10 Mar in a release from Mumbai, “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.1,000 crores investment in the state by the Oil Palm, Aqua Feed and Dairy businesses.”
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.
India is a net importer of palm oil. The lack of domestic production not only puts a pressure on the industry and the allied sectors but also on India’s economy. Hence 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. fiinews.com
