Godrej Agrovet Ltd. plans to set up an integrated palm oil complex in Telangana at an investment of Rs 300 crore over the next 3-4 years.
The palm oil complex, to be set up in the Khammam district of Telangana, is spread over 125 acres and will consist of a crude palm oil mill along with the provision of setting up a refinery in the near future, according to an exchange filing. The company will also establish a nursery with a capacity of up to 7 lakh saplings per year in addition to the seed production and research unit, it added.
"Telangana's ambitious oil palm mission aims to bring 20 lakh acres under cultivation across the state. The mission will improve income for more than 5 lakh farm households, while at the same time contributing to the nation's deficit for edible oils.
"Along with being the rice bowl for the country, Telangana is all set to become the largest edible oil producer in India," Telangana Municipal Administration and Urban Development, Industries and Commerce and Information Technology minister K T Rama Rao said.
He said GAVL's expertise in the oil palm sector will help the state to achieve its goals of unleashing a yellow revolution.
GAVL will be investing Rs 300 crore over the next 3-4 years in setting up the integrated palm oil complex and through its Samadhan Centers - a one stop solution for oil palm farmers.
The company would also provide advisory services on best practices / modern technologies, farm inputs (such as fertilisers, drip irrigation, pesticides, seeds, and harvesting tools) and services under one roof.
The company's partnership with the public sector lender, State Bank of India, would also support oil palm plantation farmers during the gestation period, the statement added.
Currently, with 65,000 hectares of palm oil under cultivation across the country, GAVL plans to increase cultivation to 1.2 lakh hectares by 2027.
'... we intend to handhold oil palm farmers by providing them access to quality seedlings and nursery. With our plans of commissioning of Crude Palm Oil mill in the coming years, it is our honour to set up the country's first integrated palm oil complex in Telangana,' GAVL Managing Director Balram Singh Yadav said.
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