Arunachal inks pact with Ruchi Soya for oil palm processing unit

PTI | Itanagar | Updated: 28-06-2022 18:43 IST | Created: 28-06-2022 18:24 IST
Arunachal inks pact with Ruchi Soya for oil palm processing unit
Representative Image Image Credit: ANI

The Arunachal Pradesh government on Tuesday inked a memorandum of understanding (MoU) with Ruchi Soya Industries, for the setting up of an oil palm manufacturing and processing unit at Niglok Industrial Growth Centre in East Siang district.

The MoU was signed between Arunachal Pradesh Industrial Development Finance Corporations Limited (APIDFCL), MD Hage Tari, and Subhas Bhattacharjee (Head North East region) of Ruchi Soya Industries, official sources said.

With the signing of the MoU, farmers and other entrepreneurs would be benefitted as a large number of unused land in the state could be utilized for plantations of oil palm on a large scale which would be a ready raw material feeder for oil palm manufacturing units.

APIDFCL, a state government undertaking was established on August 9, 1978, under the Companies Act 1956. A total of 51.07 percent equity share is held by the APIDFCL and 48.93 percent by the Ministry of Tribal Affairs.

The corporation was established as the apex industrial development and financial institution for the promotion of industries and to act as a catalyst for the growth of entrepreneurship, industrialization,, and employment generation for the tribal population of the state.

Ruchi Soya industries since its incorporation in 1986, has evolved as an integrated player in the edible oil business with a presence across the entire value chain, from farm to fork with secured access to palm oil plantations in India.

Ruchi Soya is also one of the largest palm plantation companies in India and owns 22 manufacturing units that cumulatively translate to refining, seed crushing, and packaging capacity of over 11,000 tonnes per day.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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