The Godrej Group's agri-business subsidiary, Godrej Agrovet, has signed an agreement with the Andhra Pradesh government to establish an edible oils refining plant.
Godrej Agrovet, a subsidiary of the Godrej Group's agri-business, has signed an agreement with the Andhra Pradesh government to establish an edible oils refining plant in the state. The plant, which is expected to cost around Rs 100 crore, will be set up in the Kakinada Special Economic Zone (SEZ) and will have a capacity of 600 tonnes per day.
The plant will produce refined rice bran oil, sunflower oil, and palm oil, among other oils, and will cater to both domestic and international markets. The establishment of the plant is expected to create employment opportunities for local residents and will contribute to the growth of the agri-processing sector in the state.
The Andhra Pradesh government has been promoting the development of SEZs in the state to attract investments and boost economic growth. The Kakinada SEZ, where the Godrej Agrovet plant will be located, is one of the largest in the state, with a total area of 10,500 acres.
The establishment of the plant is expected to boost the state's agri-processing industry, which is a key sector for the state's economy. Andhra Pradesh is known for its agriculture and is a major producer of rice, cotton, and tobacco, among other crops. The state government has been actively promoting agri-processing to add value to agricultural produce and increase farmers' income.
Speaking about the agreement, Balram Singh Yadav, Managing Director of Godrej Agrovet, said, "We are delighted to partner with the Andhra Pradesh government to establish this plant. The state's supportive policies and investor-friendly environment make it an attractive destination for investments. This plant will help us strengthen our position in the edible oils segment and cater to the growing demand for high-quality oils."
The Godrej Group has a presence in several sectors, including consumer goods, real estate, and agri-business. Godrej Agrovet, the company's agri-business subsidiary, is a leading player in the Indian animal feed, crop protection, and oil palm businesses. The establishment of the plant is expected to further strengthen the company's position in the edible oils segment.
In conclusion, the establishment of the edible oils refining plant in Andhra Pradesh is a significant development for the state's agri-processing industry. The plant will contribute to the growth of the sector and create employment opportunities for local residents. The partnership between Godrej Agrovet and the Andhra Pradesh government is a testament to the state's investor-friendly environment and supportive policies.
