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3F Oil Palm, an oil palm player, will invest ₹ 1,750 crore to develop oil palm plantation in Assam and Arunachal Pradesh.
The company said on Wednesday that it would expand the area in the North-Eastern region to 62,000 hectares in Arunachal Pradesh and Assam in the next five years from the current 2,000 hectares. The company plans to plant 30,000 hectares each with oil palm in the two States.
The Hyderabad-based company said the expansion plan is in line with the recently announced National Mission on Edible Oils - Oil Palm (NPEO-OP).
The company has a total oil palm area of about 30,000 hectares in Andhra Pradesh, karnataka, Chhattisgarh, Arunachal Pradesh and Gujarat and a total processing capacity of 1,920 tonnes a day.
Investment plans
Of the ₹1,750 crore, about ₹1,000 crore would be invested in Assam and the rest in Arunachal Pradesh, where the company already has plantations on 2,000 hectares.
While the Assam plan would create employment for 3,000 people, the expansion plan would create 2,000 jobs. The firm will also set up an oil palm processing unit in Assam in 2022-23.
“The investments will be made in developing an integrated oil palm project comprising nursery operations, area expansion, crop maintenance and fresh fruit bunches (FFB) harvesting,” Sanjay Goenka, Managing Director and Chief Executive Officer of 3F Oil Palm, said.
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