Godrej Agrovet Ltd today announced it had signed a memorandum of understanding with the Andhra Pradesh government to set up an edible oil refinery and solvent extraction plant in the state at an investment of ₹1 bln, as per an exchange filing.
The MoU was signed on the sidelines of the recent Global Investors Summit held at Visakhapatnam, the company said in the release. The new plant will come at Seethanagaram in Eluru district.
Godrej Agrovet is one of the largest oil palm processors in India and works directly with oil palm farmers.
The company has 45,000 ha of oil palm plantation area in Andhra Pradesh and the proposed plant will have a projected refining capacity of 400 tn per day, the company said.
The shares of Godrej Agrovet were trading 0.50% down at ₹439.35 on NSE, at 15:10 IST.
