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    Godrej Agrovet signs MoU with Assam, Manipur and Tripura for oil palm cultivation, shares up 4%

    Godrej Agrovet signs MoU with Assam, Manipur and Tripura for oil palm cultivation, shares up 4%

    Godrej Agrovet signs MoU with Assam, Manipur and Tripura for oil palm cultivation, shares up 4%
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    By CNBCTV18.COM IST (Published)

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    The MoUs are in line with Godrej Agrovet’s long-term strategy to be the catalyst in India’s oil mission through sustainable growth of the plant’s production and double farmer’s income, Balram Singh Yadav, Managing Director, Godrej Agrovert, said in a statement.

    Shares of Godrej Agrovet rose nearly 4 percent on Tuesday after the company announced that it has signed memorandum of understanding (MoU) with Assam, Manipur and Tripura governments for the development and promotion of oil palm cultivation in the three states under the National Mission on Edible Oils-Oil Palm scheme.
    At 11:12 am shares of the company were trading at Rs 532, an upside of 3.78 percent from the previous close on the BSE.
    The MoUs are in line with Godrej Agrovet’s long-term strategy to be the catalyst in India’s oil mission through sustainable growth of the plant’s production and double farmer’s income, Balram Singh Yadav, Managing Director, Godrej Agrovet, said in a statement.
    A land allocation will be made to the company for promoting and developing sustainable palm oil plantations within the three states as per the MoU.
    “With more than 30 years of experience in the oil palm business, Godrej Agrovet has been working and educating farmers from the North East on sustainable palm oil plantation processes. Currently, we have around 65,000 hectares under palm oil cultivation across the country, which we plan to increase to one lakh hectares in the next few years,” Yadav added.
    There are currently eight states in which Godrej Agrovet produces palm oil: Andhra Pradesh, Telangana, Tamil Nadu, Orissa, Goa, Maharashtra, and Mizoram.
    The range of products that the company offers included crude palm oil, crude palm kernel oil and palm kernel cake, are produced at its six oil palm mills spread across the country. In August 2021, the government launched the National Mission on Edible Oils-Oil Palm scheme with a planned outlay of Rs 11,040 crore.
    The government has envisaged raising the area under cultivation of oil palm to 10 lakh hectares by 2025-26 and 16.7 lakh hectares by 2029-30 with a special focus on the North East region and the Andaman and Nicobar Islands.
    (With inputs from PTI)
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