Gokul Refoils to invest 6-7 bln rupees in Indonesia

MUMBAI, Sept 17 (Reuters) - Edible oil maker Gokul Refoils & Solvent Ltd (GOKU.BO: Quote, Profile, Research) plans to invest up to 7 billion rupees in a joint venture for about 5,000 acres of palm plantation in Indonesia, its managing director told Reuters on Wednesday.

"The investment will be 600-700 crore ( 6-7 billion rupees). We are in talks with some parties for resale of land as new plantations will take 5-6 years to develop," Kanubhai Thakkar said.

The JV will help source at least 30 percent of the crude edible oil requirement for its Gujarat refinery and a new 1,000 tonnes per day refinery in West Bengal, set to be operational by April 2009, he added.

The firm, which competes with leader KS Oils (KSOI.BO: Quote, Profile, Research), is also considering a foray into cotton ginning and yarn-making and a decision is likely soon, Thakkar said. (Reporting by Swati Pandey and Abhishek Shanker; Editing by Harish Nambiar)