Godrej Agrovet was allotted about 47,000 acres of land in Sangareddy district in Telangana for oil palm plantation, the company said in a release on Tuesday.
Allocated by Telangana’s Department of Agriculture and Cooperation (Horticulture and Sericulture), the allotted area will be utilized by the company to expand the cultivation of oil palm and set up processing units. Recently, Godrej Agrovet inaugurated an edible oil refinery at Chintalapudi in the Eluru district
“We are delighted to receive additional district in the fresh allotment released by the Government of Telangana. It is a testimony of GAVL’s commitment and efforts to boost oil palm plantations and promote farmer prosperity in the region. We would like to thank Government of Telangana for their support and commitment to this initiative which will benefit the farmers,” said Balram Singh Yadav, Managing Director, Godrej Agrovet.
The company has an expertise of more than three decades in the oil palm business.
The Telangana government has set a target to extend the cultivation of oil palm across 20 lakh acres in the state. A total of Rs 1,000 crore is proposed in the Budget for 2023-24 for oil palm cultivation.
India is the world’s second-largest consumer and number one vegetable oil importer, and it meets 60 per cent of its need through imports. A large part of it is palm oil and its derivatives, which are imported from Indonesia and Malaysia.
Although oilseed production in India has grown over the years, the production has lagged behind its consumption, resulting in continuous dependence on imports.