Godrej inks two palm oil JVs with foreign companies

Printer Print Email Email
Mumbai: Godrej Industries chairman Adi Godrej said that the company has signed two joint venture agreements, each with an Indonesian and a Malaysian company for its palm oil business. One of the joint venture is with IJM Plantation, a Malaysian plantation company, to grow the business in Karnataka and Goa.

The Malaysian partner will hold 51 percent stake in the joint venture while Godrej Industries, through its arm Godrej Agrovet, will hold the remaining 49 percent stake. Malaysian technology and plantation material could be transferred only through a JV with a Malaysian firm as per the norms in Malaysia.

The second venture is between Godrej International and Indonesian based Blessed Resources. In this deal, Godrej International holds a 30 percent stake. The joint venture company will invest in the oil palm business of Godrej Agrovet in Andhra Pradesh, Gujarat, Mizoram, and Orissa.

Godrej has approximately 20,000 hectares under palm plantation across Andhra Pradesh, Karnataka, Goa, Mizoram, Orissa and Gujarat and the company produces around 12,000 tonne of crude palm oil annually, which is sold in the domestic market.

Godrej Agrovet head Balram Yadav said that company plans to grow the oil palm business by 20 percent compound rate every year.

SPOTLIGHT
Startup City
Youth are leading India's start-up ecosystem where the median age of founder-entrepreneurs..
US Indian
Facebook-owned photo messaging app Instagram has launched the beta version of its in-app sh..
Career
Wiley, a global leader in research and education has announced a series of blended learning progr..
Finance
The Reserve Bank of India injected a total liquidity of Rs 2.98 lakh crore in the market in 20..
Technology
Facebook-owned messaging app WhatsApp is still developing its previously announced "Vacatio..
Gadgets
Google Pixel and OnePlus smartphones are catching up and giving stiff competition to Samsu..
Entertainment
"Game of Thrones" author George R.R. Martin doesn't want season eight to be the final chapter of "..
Enterprise IT
Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will laun..
Business
The Pentagon has selected Microsoft and Amazon Web Services (AWS, the cloud computing arm ..