Oil Palm India's kernel plant to be ready by April 2009

Thiruvananthapuram: Oil Palm India, a joint venture of the State Government and the Centre, is setting up a kernel oil plant, which is scheduled to be commissioned in April next year.

The plant, estimated to cost Rs 3.5 crore, will be the first of its kind in the public sector in the country.

It will incorporate a standby boiler to ensure uninterrupted operation, according to Mr V.B. Binu, Chairman, and Mr Mathew Jacob, Managing Director, of Oil Palm India.

The company has also submitted a corporate plan to the Government for the revival of Kerala Agro Food Products at Punalur in association with Kerala Agro Industries Corporation.

The corporate plan, which envisages an outlay of Rs 11 crore, also includes the establishment of a container freight station in Kozhikode jointly with Kerala State Warehousing Corporation.

The company, which is free of any debt liabilities and has built up reserves of around Rs 44 crore, recorded a profit of Rs 11.39 crore in 2007-08. It has been paying dividend to the State and Union governments continuously since 1995-96, and paid Rs 1.02 crore to the State Government as dividend for 2007-08.

Oil Palm India, with equity contributions of Rs 4.99 crore and Rs 6.79 crore respectively by the Centre and the State Government, is engaged in oil palm cultivation in 3,646 hectares of land in Kollam district.