Godrej Agrovet Ltd (GAVL) and IJM Plantation Berhad (IJM), a Malaysian company, signed a MoU in the presence of the Malaysian Minister for Plantation Industries and Commodities, Datuk Peter Chin. This joint venture will have a 5-year business plan and will carry on the activity of palm oil plantations in India.
The newly joint venture company is contemplated to invest a couple of hundred crores, with an equity holdings from both the companies. Mr Adi Godrej, Chairman of Godrej Group, said, " the already profitable palm oil plantation business of GAVL will benefit further with the expertise and technical know how of IJM, which has been in business since 1985.
The main area of collaboration are procurement of palm oil planting materials, raising nurseries, supply of seedlings and provision of agronomic assistance to farmers in India.