Godrej Agrovet (GAVL) has signed a memorandum of understanding (MoU) with the Andhra Pradesh government to set up a manufacturing facility for edible oil refinery and solvent extraction plant in the state.
It has committed fresh investments of around Rs 100 crore for the project as part of the MoU, which was signed along the sidelines of Andhra Pradesh Global Investors Summit (APGIS) 2023.
With GAVL’s existing 45,000 hectares of oil palm plantation area in the state, the proposed plant will have a projected refining capacity of 400 tpd and will be set up at Seethanagaram in Eluru district of Andhra Pradesh.
The new investment is built up on the Rs 1,000 crore investment in the company’s oil palm, aqua feed, and dairy businesses. The MoU marks the agri-business company’s first downstream project for value-added products in oil and fats, and is part of its long-term strategy to catalyse India’s oil mission through sustainable growth of oil palm production.
GAVL differentiates its offerings as it works directly with farmers for the entire lifecycle of their crops.