365telugu.com online news,Hyderabad, October 6, 2021: 3F Oil Palm, a leading end to end Oil Palm player in the country, is set to expand its operations in the North-East part of the country under the National Mission on Edible Oils – Oil Palm (NPEO-OP) envisaged recently by the Government of India to enhance the production of Oil Palm to multifold growth. 3F Oil Palm is set to invest INR 1,750 Crores in Oil Palm cultivation across Assam and Arunachal Pradesh. The company is planning to increase its Oil Palm area under cultivation by around 31 times to 62,000 hectares in Arunachal Pradesh and Assam in the next 5 years.
North-East expansion – A 5 Year vision
The company would be increasing its cultivated area in Arunachal Pradesh from the current 2,000 hectares to an additional 30,000 hectares. It would also invest up to INR 750 Crores and create employment for 3,000 people in the next five years by enhancing the cultivated land. In addition, 3F Oil Palm also plans to commission an Oil Palm Processing unit in the state by the financial year 2022-23. In another state in the North-East, Assam would also attract up to INR 1,000 Crores from the company through adding 30,000 hectares of cultivated land along with employment for 2,000 people.
The investments will be made in developing an integrated Oil Palm project comprising nursery operations, area expansion, crop maintenance, fresh fruit bunches (FFB) harvesting and collection, Oil Palm processing and refining, power plant, and ancillary farmer services.
While sharing details of the company’s growth plan, Mr. Sanjay Goenka, Managing Director and CEO of 3F Oil Palm said, “NEOP-OP is a visionary step from the Government of India towards the cause of Atmanirbharta. The policy has encouraged us to expand and propel our growth engines. We are geared up to make strategic investments and expand operations to more states that offer immense potential in Oil Palm cultivation to maintain a leadership position in the Oil Palm industry in the country. The increase in Oil Palm cultivation in the country will assist in bringing down the import load on the economy totaling INR 70,000 Crores of foreign currency with North-East playing a significant role.”