"3F Oil Palm Announces ₹550 Crore Investment in Andhra Pradesh for Oil Palm Plantation and Processing"

3F Oil Palm has unveiled an ambitious investment plan of ₹550 crore to nurture the oil palm ecosystem in the state of Andhra Pradesh. The company, in collaboration with the Andhra Pradesh Government, has formalized a memorandum of understanding (MoU) outlining its commitment to deploy this substantial sum over the next five years. This investment will encompass various critical facets of the oil palm industry, including nursery development, expansion of plantation areas, fresh fruit bunch collection and handling, as well as the establishment of an advanced oil palm processing facility.

The announcement was met with enthusiasm as 3F Oil Palm looks to fortify its presence and contribute significantly to the state's agricultural landscape. A top official from the company disclosed that they have been allocated an additional 24 mandals (taluks) across five districts, namely Tirupati, Chittoor, Guntur, Nandyal, and Krishna. These regions hold immense potential for oil palm plantation growth, with the prospect of cultivating over one lakh hectares.

To kickstart this expansion, the company has already acquired 75 acres of land in Ayyavaram village within the Nallajerla mandal. This parcel of land will serve as the site for a state-of-the-art greenfield integrated oil palm processing complex. 3F Oil Palm has committed ₹50 crore for the development of this complex, which will boast a processing and refining capacity of 400 tonnes per day, in addition to a 6-MW power project.

The MoU cementing this partnership was officially signed by the Chief Minister of Andhra Pradesh, Y. S. Jagan Mohan Reddy, and the Chief Executive Officer and Managing Director of 3F Oil Palm, Sanjay Goenka.

3F Oil Palm holds the distinction of being the pioneering company to initiate oil palm operations in the state of Andhra Pradesh. With an impressive track record, the company has successfully developed over 25,000 hectares of edible oil crop plantation, benefiting a vast network of more than 50,000 farming families.

This monumental investment not only reflects 3F Oil Palm's commitment to bolstering the oil palm industry but also underscores its dedication to fostering economic growth and sustainable agricultural practices in Andhra Pradesh.

HBL