MoU signed to set up palm oil manufacturing & processing plant in Arunachal

ITANAGAR, 28 Jun: A memorandum of understanding (MoU) has been signed between the Arunachal Pradesh Industrial Development Finance Corporation Limited (APIDFCL) and Ruchi Soya Industries for setting up a palm oil manufacturing and processing plant at the Industrial Growth Centre in Niglok in East Siang district.

APIDFCL MD Hage Tari and Ruchi Soya NE Region head Subhas Bhattacharjee signed the MoU on Tuesday.

This will benefit farmers and other entrepreneurs as a large number of unused land in the state could be utilised for growing oil palms to provide raw material feeder for the palm oil manufacturing unit.

The APIDFCL was established in 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 tribal affairs ministry.

The corporation was established as the apex industrial development and financial institution for promotion of industries, and to act as a catalyst for growth of entrepreneurship, industrialisation 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 oil palm 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 a refining, seed crushing and packaging capacity of over 11,000 tonnes per day. (DIPR)