Hyderabad, Oct 6 :3F Oil Palm, a leading end to end Oil Palm player in the country, is planning to invest INR 1,750 Crores in Oil Palm cultivation across Assam and Arunachal Pradesh.
It is planning to increase its Oil Palm area under cultivation by around 31 times to 62,000 hectares in Arunachal Pradesh and Assam in the next 5 years, Hyderabad-based company said in a release here on Wednesday.
The company would be increasing its cultivated area in Arunachal Pradesh from the current 2,000 hectares to an additional 30,000 hectares by investing INR 750 Crores.
It would create employment for 3,000 people in the next five years by enhancing the cultivated land.
In addition, 3F Oil Palm also plans to commission an Oil Palm Processing unit in Arunachal Pradesh by the financial year 2022-23.
In another state in the North-East, Assam would also attract up to INR 1,000 Crores from the company through adding 30,000 hectares of cultivated land along with employment for 2,000 people.
The investments will be made in developing an integrated Oil Palm project comprising nursery operations, area expansion, crop maintenance, fresh fruit bunches (FFB) harvesting and collection, Oil Palm processing and refining, power plant, and ancillary farmer services.
While sharing details of the company’s growth plan, Mr. Sanjay Goenka, Managing Director and CEO of 3F Oil Palm said we are geared up to make strategic investments and expand operations to more states that offer immense potential in Oil Palm cultivation to maintain a leadership position in the Oil Palm industry in the country. The increase in Oil Palm cultivation in the country will assist in bringing down the import load on the economy totaling INR 70,000 Crores of foreign currency with North-East playing a significant role.
3F Oil Palm which involved in integrated oil palm development – from nursery activity to oil palm plantations (through contract farming), extraction of crude palm oil, refining, power generation.
The company has contract plantations across Andhra Pradesh, Karnataka, Chhattisgarh, Arunachal Pradesh, and Gujarat. 3F Oil Palm is the only company in India to have an end-to-end supply chain from seed to sapling, to plantation, to crude oil, to refined branded Palm Oil.(UNI)