India firm eyes oil palm plantations in Indonesia
NEW DELHI (Reuters) - Indian edible oil refiner Jhunjhunwala Vanaspati Ltd said on Wednesday that it will spend up to 1.5 billion rupees ($38 million) to buy 20,000 hectares of oil palm plantations in Indonesia.
"We are looking at either virgin or developed plantations in Indonesia. We may also consider other countries, including Malaysia," company director S.N. Jhunjhunwala said in a statement.
India, the world's second-biggest vegetable oil importer after China, buys palm oil from Malaysia and Indonesia, and soyoil from Brazil and Argentina.
Some Indian refiners have expressed interest in buying oil palm plantations in Indonesia, a leading producer of palm oil.
Indonesia has the potential to add 10 to 11 million hectares of oil palm plantations, which currently total about 6 million hectares, without damaging virgin forests, M.R. Chandran, adviser to the Roundtable on Sustainable Palm Oil, told Reuters in an interview in September.
© Thomson Reuters 2009 All rights reserved
Dubai Debt Fears
Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets. Full Article | Slideshow
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage






India
US
UK







