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| Godrej Agrovet signs MoU with Malaysian firm | | |
Mumbai, September 25, 2006: Godrej Agrovet Limited (GAVL) has signed a Memorandum of Understanding (MoU) with IJM Plantations Berhad, Malaysia to outline a Joint Venture in palm oil business in the presence of Honourable Minister of Plantation Industries and Commodities, Malaysia - Datuk Peter Chin Fah Kui. The Joint Venture is expected to give a boost to the oil palm development in India.
The MoU provides the framework and establishes the areas of collaboration, that include - procuring oil palm planting materials, raising nurseries, supply of seedlings and provision of agronomic assistance oil palm farmers in India and processing of oil-palm crop. GAVL is the largest oil palm processor in India.
While signing the MoU, Mr. C.K. Vaidya, Managing Director, Godrej Agrovet Limited said, "We are happy to announce our international alliance with IJM Plantations Berhad, Malaysia. Signing of this MoU is the first step towards a promising venture that would boost our palm oil business in the country.
We are certain that this JV will bring together the vast experience of Godrej Agrovet and the technical know-how of IJM Plantations to move up the palm oil business value chain." |
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