Godrej inks two palm oil JVs with foreign companies
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Godrej inks two palm oil JVs with foreign companies

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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.

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