FMCG player, Ruchi Soya Industries Limited is planning to
set up a palm oil processing plant in the slate by next year with an Investment
of Rs 25-30 crore.
Founder and managing director of the company Dinesh Shahra
said Friday that the company has joined hands with the farmers to cultivate oil
palm in 28,000 hectare of land in Mayurbhanj, Balasore, Bhadrak and Kendrapara
districts.
The construction work will start sometime next year and will
he completed within 18 months when it will be operational, he informed.
Under a tripartite agreement with Odisha government and
farmers, Ruchi Soya has exclusive rights to procure Fresh Fruit Bunches (FFB)
of oil palm from farmers. Upon receipt of the raw material from the farmers,
the company will pay to the farmers on every 20th day directly through their
bank accounts. There are no middlemen in the transaction, he said.
"The entire process is transparent. Rates of FFB are
linked to international prices of palm, thus availing benefits of global
markets to local farming community," he said.
Since Odisha occupies an important position in the company's
operations, Ruchi Soya has decided to establish a plant in the state to
manufacture crude palm oil at an investment of Rs 30 crore, Shahra said,
adding, the plant will be operational in one of the four districts under oil
palm cultivation in two years.
Ruchi Soya may initially set up 10 tonnes per hour FFB
processing mill. Presently, we are associated directly with over 4,000 farmers.
At present, over 6,000 persons are directly or indirectly linked with this
project which has a larger employment generation potential, he said.
Voicing concern over huge imports of edible oil, he said
over 50% of edible oil consumed in India comes through import. Total imports of
vegetable oil, including crude and refined, is set to hit a new record of 10.8
to 11 million tonnes this year, Shahra said.
With a potential of 56,000 hectares land suitable for oil
palm cultivation, Odisha can play a pivotal role in enhancing palm oil
production in the country, he added.
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