Godrej Agrovet inks pact with AP govt to set up edible oils refining plant at Rs 100 crore

Godrej Agrovet Ltd has proposed to invest Rs 100 crore to set up a refining plant for edible oils in Andhra Pradesh.

In a statement, the company said it has signed a Memorandum of Understanding (MoU) with the state government on the sidelines of Andhra Pradesh Global Investors Summit (APGIS) 2023.

As a part of the MoU, Godrej Agrovet's oil palm business will be making an estimated investment of Rs 100 crore to set up a manufacturing facility for edible oil refinery and solvent extraction plant.

The company already has 45,000 hectare area of oil palm plantation area in Andhra Pradesh (AP). The proposed new plant will have a projected refining capacity of 400 tonnes per day and will be set up in Seethanagaram, Eluru District in AP.

This is company's first downstream project for value-added products in oil and fats.

Balram Singh Yadav, Managing Director of Godrej Agrovet, said, "The MoU is in line with Godrej Agrovet's long-term strategy to be the catalyst in India's oil mission through sustainable growth of oil palm production. This new investment is built up on the Rs 1,000 crore investment in the state by the oil palm, aqua feed and dairy businesses."

Godrej Agrovet Ltd is a diversified, Research & Development focused food and agri-business firm.

It operates in various businesses like -- animal feed, crop protection, oil palm, dairy, poultry and processed foods.

In dairy, poultry and processed foods, the company operates through its subsidiaries Creamline Dairy Products Ltd and Godrej Tyson Foods Ltd. Apart from this, the company also has a joint venture with the ACI group of Bangladesh for animal feed business in Bangladesh.

Click here to get more stock market updates I Zee Business Live