India’s Ruchi Soya Secures Investment Deal with Solidaridad to Increase Palm Oil Yield
Indian edible oil company, Ruchi Soya, has partnered with Netherlands-based Solidaridad to increase the palm oil yield from 50,000 contracted farming acres across five Indian states.
Under the memorandum of understanding, the four to five year project will entail an investment of €4.5 million (US$5 million), and will focus on increasing the yield of palm oil, while conserving water and generating employment, under the principals of the ‘Make in India’ and ‘More Crop per Drop’ initiatives.
Ruchi Soya will invest 55% of the total project investment, while Solidaridad will invest the remaining 45%, while also providing experts to advise growers on increasing production and conserving water through the use of best practices.
Currently, demand for edible oil in India stands between 19 and 20 million tons per year, of which 13 million tons is imported. Of the imports, 9 million tons is palm oil.