Ruchi Soya inks MOU with Arunachal Pradesh government

Mumbai [India], Oct.10 (ANI-Businesswire India): Ruchi Soya Industries Ltd., India's leading Agri and Food FMCG company recently signed a memorandum of understanding (MOU) with the Government of Arunachal Pradesh to boost palm oil production through development of quality palm plantations and human capacity building. Under the MOU, Ruchi Soya will promote and encourage development of oil palm in 25,000 hectares in zone IV comprising of 4 districts of the state (West Siang, East Kamang, Lower Subansri and Papumpare). The MoU was signed between Mr Talem Tapok, IAS, Agriculture Secretary representing the Government of Arunachal Pradesh along with Director (Agri-Marketing) and Mr Poola Mallesham, Corporate Head (Oil Palm Division) of Ruchi Soya Industries With this agreement, Ruchi Soya Industries now has obtained permission for oil palm development in 45,000 hectares, covering 5 districts in the state of Arunachal Pradesh. (Through an MOU signed last year, the company obtained access of 20,000 hectares in Zone III - East Siang District) Mr. Talem Tapok - Agriculture Secretary, State Government of Arunachal Pradesh commented, "We are pleased by the efforts put by Ruchi Soya Industries Limited for Oil Palm Development in East Siang district through timely set up of state-of-the-art Nursery, Rising of Plantations in the fields of Farmers. Honourable Government of Arunachal Pradesh is delighted to take this association a step forward with additional allocation of Zone IV, having potential of 25,000 Hectares for Oil Palm Development by Ruchi Soya Industries Limited." Commenting on the occasion, Mr. Dinesh Shahra, Founder & Managing Director, Ruchi Soya Industries Ltd. said, "We are glad to have trust and support of State Government of Arunachal Pradesh. Ruchi Soya has always been striving towards the betterment of Indian farmers and has continually strived to help them to achieve better yields and realization by providing the right technology and assistance. In line with the Hon'ble Prime Minister Narendra Modi's vision of doubling farmers' incomes by 2022 such collaboration is a stepping stone towards achieving this." Sharing his views on the occasion Mr. Poola Mallesham, Corporate Head, Oil Palm Division of Ruchi Soya Industries Limited said, "Allotment of Zone IV will help in upbringing of more palm plantations in the near future which shall not only contribute to employment generation but go a long way in strengthening the rural economy by enriching the farmer income levels. We would like to place on record the sincere efforts of the Agriculture Department, Government of Arunachal Pradesh in promoting Oil Palm development in the state and for the successful implementation of the National Mission on Oilseeds and Oil Palm (NMOOP) scheme." India is heavily dependent on import of cooking oils and is all set to import record 15 million tonnes in the current 2015-16 oil year ending October. Out of the 15 million tonnes, palm oil imports alone accounts for 9 million tonnes or 60 per cent. The reason for palm oil occupying a lion share of the total consumption is because palm is generally the cheapest commodity vegetable oil and also the cheapest oil to produce and refine globally. Therefore, focus on palm oil cultivation will undoubtedly play a key role in addressing the domestic shortfall in edible oil consumption and lowering India's edible oil import bill and saving foreign exchange. Ruchi Soya is the leading player in oil palm processing with 0.52 million metric ton capacity per annum in India, with land access to over 2 lakh hectares of potential oil palm cultivation in India. The company has access to palm plantations in the states of Andhra Pradesh, Telangana, Karnataka, Mizoram, Gujarat, Odisha, Tamil Nadu, Chhattisgarh and Arunachal Pradesh. (ANI-Businesswire India)