Oil Palm India, a joint venture of the Centre and State Government proposes to set up a waste-to-energy plant.
An official spokesman said here that the plant is designed to treat 13,000 tonnes of waste from its production units to generate 1 MW of electricity.
The company also has plans to launch farm tourism at its estates as part of a diversification strategy.
Oil Palm India registered revenues of Rs 45 crore and a profit of Rs 14.6 crore during fiscal 2011.
The company also announced a dividend of Rs 2.35 crore.
Company Chairman Sheikh P. Haris handed over a cheque for the amount in State Government’s share to Agriculture Minister K.P. Mohanan here.