08-Dec-2023Today's Market Indicators

Godrej Agrovet to set up integrated palm oil complex in Telangana
(12:12, 30 Sep 2023)
GAVL's Oil Palm business announced that it will be setting up an integrated palm oil complex in Telangana. The complex is to be set up in the Khammam district, it will consist of a crude palm oil mill along with the provision of setting up a refinery in the near future.

The company will also establish a nursery with a capacity of up to 7 Lac saplings per year in addition to the seed production & research unit.

At the complex, GAVL will be setting up first-ever seed garden in India. This seed garden can provide seeds for the planting of about 90,000 acres of area and shall help Telangana state to achieve targets for oil palm plantation, said the company.

Balram Singh Yadav, managing director of GAVL said, ?Leveraging our expertise of more than three decades in the oil palm business, we intend to handhold oil palm farmers by providing them access to quality seedlings and nursery. With our plans of commissioning of crude palm oil mill in the coming years, it is our honor to set up country's first integrated palm oil complex in the state of Telangana.?

GAVL will be investing Rs 300 crore over the next 3-4 years. Additionally, through its Samadhan Centers - a one stop solution for oil palm farmers, the company would also provide advisory services on best practices / modern technologies, farm inputs (such as fertilizers, drip irrigation, pesticides, seeds, and harvesting tools) and services under one roof.

The company's partnership with the State Bank of India would also support Oil Palm Plantation farmers during the gestation period.

With 65,000 hectares of palm oil under cultivation across the country, GAVL plans to increase cultivation to 1.2 lakh hectares by 2027.

Godrej Agrovet is an agri-business company in India that focuses on research and development to improve the productivity of Indian farmers. It offers a range of products and services to increase crop and livestock yields sustainably. The company is a leader in various sectors, including animal feed, crop protection, oil palm, dairy, poultry, and processed foods.

The company's consolidated net profit rose 27.34% to Rs 105.32 crore on 0.01% increase in net sales to Rs 2499.31 crore in Q1 June 2023 over Q1 June 2022.

The scrip added 1.28% to end at Rs 480.15 on Friday, 29 September 2023.

The stock markets will remain closed on Monday, 2 October 2023 on account of Mahatma Gandhi Jayanti.

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