125-Year-Old Conglomerate Godrej to Expand Oil Palm Plantations
- South Asian nation is the world’s biggest importer of palm oil
- Indian government to spend $1.4 billion to boost palm farming
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Godrej Industries Ltd., part of a 125-year-old Indian conglomerate, is looking to boost the number of oil palm plantations as the government aims to raise local output and cut the nation’s heavy imports.
The group’s agriculture and chemicals arm Godrej Agrovet Ltd. -- India’s largest oil palm processor backed by Singapore’s sovereign wealth fund Temasek Holdings Pte. -- will more than double the acreage of oil palm trees it manages over the next six years, Chairman Nadir Godrej said in an interview at the company’s headquarters in Mumbai.