Godrej Agrovet to set up Integrated Palm Oil Complex in Telangana

Godrej Agrovet Limited's (GAVL) Oil Palm business today announced that the company will be setting up an Integrated Palm Oil Complex in the state of Telangana. To be set up in the Khammam district, it will consist of a state the of art Crude Palm Oil mill along with the provision of setting up a refinery in the near future. The company will also establish a nursery with a capacity of up to 7 Lac saplings per year in addition to the seed production & research unit.

Present on the occasion of laying the foundation stone for Crude Palm Oil mill were Shri K. T. Rama Rao, The Hon'ble Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology of Telangana; Burjis Godrej, Executive Director and COOCrop Protection Business, GAVL; Sougata Niyogi, CEO - Oil Palm, GAVL and Rakesh Swami, Group President Corporate Affairs, Godrej Industries Limited.

"Telangana's ambitious oil palm mission aims to bring 20 lakh acres under cultivation across the state. The mission will improve income for more than 5 lakh farm households while at the same time contributing to the nation's deficit for edible oils. Along with being the rice bowl for the country, Telangana is all set to become the largest edible oil producer in India. We are delighted to partner with a strong and reliable partner like Godrej Agrovet in this endeavour. Their expertise in the oil palm sector will definitely help us achieve our goals of unleashing a yellow revolution", said Shri K. T. Rama Rao, The Hon'ble Minister for Municipal Administration & Urban Development, Industries & Commerce, and Information Technology of Telangana.

At the complex, GAVL will be setting up first-ever seed garden in India. This seed garden can provide seeds for the planting of ~90,000 acres of area and shall help Telangana state to achieve targets for oil palm plantation.

Commenting on the announcement, Balram Singh Yadav, Managing Director, GAVL said, "We are thankful to the Government of Telangana for creating an eco-system and giving us an opportunity to contribute to nation's journey of reducing its dependency on oil palm imports in the coming years."

"Leveraging our expertise of more than three decades in the oil palm business, we intend to handhold oil palm farmers by providing them access to quality seedlings and nursery. With our plans of commissioning of Crude Palm Oil mill in the coming years, it is our honor to set up country's first integrated palm oil complex in the state of Telangana," he further added.

GAVL will be investing INR 300 Crore over the next 3-4 years in setting up the integrated palm oil complex. Additionally, through its Samadhan Centers - a one stop solution for oil palm farmers, the company would also provide advisory services on best practices / modern technologies, farm inputs (such as fertilizers, drip irrigation, pesticides, seeds, and harvesting tools) and services under one roof. The company's partnership with the State Bank of India would also support Oil Palm Plantation farmers during the gestation period.

With 65,000 hectares of palm oil under cultivation across the country, GAVL plans to increase cultivation to 1.2 Lac hectares by 2027.

Shares of Godrej Agrovet Limited was last trading in BSE at Rs. 480.15 as compared to the previous close of Rs. 474.10. The total number of shares traded during the day was 2702 in over 239 trades.

The stock hit an intraday high of Rs. 481.30 and intraday low of 475.60. The net turnover during the day was Rs. 1292685.00.

Source : Equity Bulls

Keywords

GodrejAgrovet INE850D01014 OilPalmBusiness Telangana NewUnit