By NNN-Bernama,
Kuala Lumpur : Two leading companies from Malaysia and India have signed a memorandum of understanding (MoU) to set up joint venture in the edible oil business in India.
They are Sime Darby Plantations Sendirian Berhad, one of the largest oil palm plantation companies in the world, and India’s premier international trading house, The State Trading Corporation of India Ltd (STC).
Sime Darby Plantations Managing Director Azhar Abdul Hamid said here Tuesday the two companies were exploring the viability of setting up an edible oil refining facility and marketing of end products in India.
Speaking to reporters after the MoU signing, he said the MoU was the result of effective networking established during the two-day Malaysia-India Palm Oil Trade Fair & Seminar held in Mumbai on May 29.
He said the MoU would enable Sime Darby Plantations to conduct feasibility studies in India which are expected to be completed in two months.
“Currently, we are selling a small amount of edible oil products to India, but with this MoU and future partnership with STC, we are confident we will be able to establish a more strategic presence in the large and fast-growing market for edible oils in India and simultaneously increase Sime Darby Plantation’s profitability,” he said.
STC chairman and managing director Dr Arvind Pandalai said he looked forward to working with a multinational such as Sime Darby Plantations to further develop STC’s market for palm-based products in India.
“We are confident the combined strength of the two companies will enable the establishment of a sizeable, viable and sustainable business in India and in markets where STC has considerable influence and presence,” he said.
On Sime Darby Plantation’s expansion plans into other markets, Azhar said the company was studying the prospect of setting up refinery facilities in China, Kalimantan and Europe.
Currently, the company has refinery facilities in Holland, South Africa, Malaysia, Thailand, Singapore and Vietnam.
Sime Darby Plantations, a subsidiary of Sime Darby Berhad, Malaysia’s largest listed company, is is one of the world’s largest palm oil producers, with 543,579 hectares of plantations, of which 524,626 hectares are already planted, in Malaysia and Indonesia.
KUALA LUMPUR, Aug 26 (Bernama) — Palm oil producer, Sime Darby Plantation Sdn Bhd, Tuesday signed a memorandum of understanding (MoU) with India’s premier international trading house, The State Trading Corporation of India Ltd (STC), to set up a joint venture in the edible oil business in India.
Managing Director Datuk Azhar Abdul Hamid said Sime Darby Plantation and STC were exploring the viability of setting up an edible oil refining facility and marketing of end products in India.
Speaking to reporters after the MoU signing, he said, the MoU was the result of effective networking established during the two-day Malaysia-India Palm Oil Trade Fair & Seminar held in Mumbai on May 29.
He said the MoU would enable Sime Darby to conduct feasibility studies in India which are expected to be completed in two months.
“Currently, we are selling a small amount of edible oil products to India, but with this MoU and future partnership with STC, we are confident we will be able to establish a more strategic presence in the large and fast-growing market for edible oils in India and simultaneously increase Sime Darby Plantation’s profitability,” he said.
STC chairman and managing director Dr Arvind Pandalai said he looked forward to working with a multinational such as Sime Darby Plantation to further develop STC’s market for palm-based products in India.
“We are confident the combined strength of the two companies will enable the establishment of a sizeable, viable and sustainable business in India and in markets where STC has considerable influence and presence,” he said.
On Sime Darby Plantation’s expansion plans into other markets, Azhar said the company was studying the prospect of setting up refinery facilities in China, Kalimantan in Indonesia and Europe. Currently, the company has refinery facilities in the Netherlands, South Africa, Malaysia, Thailand, Singapore and Vietnam.
Sime Darby Plantations is one of the world’s largest palm oil producers, with 543,579 hectares of plantations in Malaysia and Indonesia, of which 524,626 hectares are already planted.
Sime Darby Berhad in turn is a Malaysian multinational with operations in plantations, property, motors, industrial equipment, energy and utilities, and healthcare amongst others in more than 20 countries. It has just reported a 46 per cent jump in its pre-tax profit for the financial year ended June 30, 2008, to 5.213 billion Ringgit (about 1.543 billion USD).