Godrej Subsidiary Spikes 12% on Land Allotment for Oil Palm Biz in Telangana
By Malvika Gurung
Investing.com — Shares of the food and agri-business conglomerate Godrej Agrovet Ltd (NS:GODE) jumped 12.14% on Tuesday and hit an intraday high of Rs 530 apiece after the company was allotted a 47,000-acre land by the Government of Telangana for expansion of the company’s Oil Palm cultivation.
The agri-business conglomerate announced on Tuesday that its Oil Palm business has been allotted a potential area of 47,000 acres in the Sangareddy District of Telangana, allocated by the Department of Agriculture and Cooperation of the state government.
The allotted area in Sangareddy will be utilized to expand the cultivation of Oil Palm and set up Oil Palm processing units by Godrej Agrovet.
“We are delighted to receive additional district in the fresh allotment released by the Government of Telangana. It is a testimony of GAVL’s commitment and efforts to boost oil palm plantation and promote farmer prosperity in the region,” said the company’s Managing Director Balram Singh Yadav, commenting upon the land allotment.
The subsidiary of Godrej Industries (NS:GODI) inaugurated an edible oil refinery at Chintalapudi in Eluru, Andhra Pradesh recently, which marked the company’s first downstream project for value-added products in oil and fats.
The said edible oil refinery is targeted at catering to the needs originating from the company’s oil palm work in the southern states along with demand from other crude palm oil players in the region, GAVL said in its latest press release.
