• NET Web Desk

The Hyderabad-based firm – 3F Oil Palm on Tuesday announced that it will invest Rs 250 crores to establish an integrated oil palm factory in Arunachal Pradesh.

In accordance with the project, the company has already acquired 120 acres of land in the northeastern state in February.

According to a statement issued by the 3F Oil Palm, “all required authorizations and legal clearances for this acquisition were obtained.”

The factory is planned to be built in two phases; phase one is anticipated to be operational by September 2023 and provide employment opportunities to more than 300 local populace.

This integrated oil palm project will include a palm oil processing and refinery, a zero discharge effluent plant, a palm waste-based power plant, as well as additional buildings and godowns for support operations.

In addition, facility will also support the current business operations of the company, which include nursery, crop maintenance, FFB harvesting and collecting, as well as other auxiliary farmer services.

The company added that 3F Oil Palm has an area of over 2,000 hectares dedicated to oil palm in Arunachal Pradesh.

The Chief Executive Officer (CEO) and Managing Director of 3F Oil Palm – Sanjay Goenka, “We are delighted and excited about our upcoming integrated oil palm factory in Arunachal Pradesh with an investment of Rs 250 crore. Since the plantations are at a nascent stage, our factory will be running at extremely low capacity utilization.”

“The primary driver for expediting this investment is to build farmer trust, since it will inspire them to start taking-up oil palm cultivation on a huge scale,” – he further added.

Its worthy to note that 3F Oil Palm has a presence with contract plantations and factories in Andhra Pradesh, Karnataka, Chhattisgarh, and Gujarat and growth plans for Arunachal Pradesh and Assam.