Godrej Agrovet Ltd. has proposed to invest Rs 100 crore to set up a refining plant for edible oils in Andhra Pradesh. The company has signed a Memorandum of Understanding (MoU) with the state government on the sidelines of the 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 an edible oil refinery and solvent extraction plant.
The company already has a 45,000-hectare oil palm plantation area in Andhra Pradesh (AP). The proposed new plant will have a projected refining capacity of 400 metric tons per day and will be set up in Seethanagaram, Eluru District, in AP.
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 on the Rs 1,000 crore investments in the state by the oil palm, aqua feed, and dairy businesses.”
Godrej Agrovet Ltd. is a diversified, research-and-development-focused food and agribusiness 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 the animal feed business in Bangladesh.