Itanagar: The Arunachal Pradesh government on Tuesday inked a memorandum of understanding (MoU) with Ruchi Soya Industries for setting up of oil palm manufacturing and processing unit at Niglok Industrial Growth Centre in East Siang district.
The MoU was signed between Arunachal Pradesh Industrial Development Finance Corporations Limited (APIDFCL), MD, Hage Tari and Subhas Bhattacharjee (Head North East region) of Ruchi Soya Industries, official sources said.
With the signing of the MoU, farmers and other entrepreneurs would be benefited as large number of unused land in the state could be utilized for plantations of oil palm on a large scale which would be a ready raw material feeder for oil palm manufacturing units.
The APIDFCL, a state government undertaking, was established in August 9, 1978, under the Companies Act 1956. A total of 51.07 per cent equity share is held by the APIDFCL and 48.93 per cent by the Ministry of Tribal Affairs.
The corporation was established as the apex industrial development and financial institution for promotion of industries and to act as catalyst for growth of entrepreneurship, industrialization and employment generation for tribal population of the state.
Ruchi Soya industries, since its incorporation in 1986, has evolved as an integrated player in the edible oil business with a presence across the entire value chain, from farm to fork with secured access to palm oil plantations in India.
Ruchi Soya is also one of the largest palm plantation companies in India and owns 22 manufacturing units that cumulatively translate to a refining, seed crushing and packaging capacity of over 11,000 tonnes per day.
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