3F Oil Palm to invest Rs 1,750 crore in oil palm cultivation in North-East
Hyderabad: Hyderabad-based 3F Oil Palm is expanding its operations in the North-East part of the country under the National Mission on Edible Oils – Oil Palm (NPEO-OP) envisaged recently by the Government of India to enhance the production of Oil Palm to multifold growth. The company will invest Rs 1,750 crore in oil palm cultivation […]
Hyderabad: Hyderabad-based 3F Oil Palm is expanding its operations in the North-East part of the country under the National Mission on Edible Oils – Oil Palm (NPEO-OP) envisaged recently by the Government of India to enhance the production of Oil Palm to multifold growth. The company will invest Rs 1,750 crore in oil palm cultivation across Assam and Arunachal Pradesh.
The company is planning to increase its oil palm area under cultivation by around 31 times to 62,000 hectares in Arunachal Pradesh and Assam in the next five years.
The company would be increasing its cultivated area in Arunachal Pradesh from the current 2,000 hectares to an additional 30,000 hectares. It would also invest up to Rs 750 crore and create employment for 3,000 people in the next five years by enhancing the cultivated land.
In addition, 3F Oil Palm also plans to commission an Oil Palm Processing unit in Arunachal Pradesh by the financial year 2022-23. Assam would also attract up to Rs 1,000 crore from the company through adding 30,000 hectares of cultivated land along with employment for 2,000 people.
The investments will be made in developing an integrated oil palm project comprising nursery operations, area expansion, crop maintenance, fresh fruit bunches (FFB) harvesting and collection, oil palm processing and refining, power plant, and ancillary farmer services.
While sharing details of the company’s growth plan, Sanjay Goenka, MD & CEO of 3F Oil Palm said, “We are geared up to make strategic investments and expand operations to more States that offer immense potential in oil palm cultivation to maintain a leadership position in the oil palm industry in the country.”
“The increase in oil palm cultivation in the country will assist in bringing down the import load on the economy totaling Rs 70,000 crore of foreign currency with the North-East playing a significant role,” Goenka added.
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