Godrej Agrovet, SBI partner to offer loans to palm oil farmers: Report

Godrej Agrovet’s Oil Palm Business said Thursday it has partnered with State Bank of India (SBI) to provide loans to oil palm farmers to set up a small irrigation facility, install fencing to protect crops from livestock and improve tube wells in oil palms. farmer.

Introduced with the aim of aiding oil palm growth by improving the yield of fresh fruit bunches (FFB), Godrej said Agrovit will act as a catalyst for the maintenance of juvenile gardens during the first five-year gestation period.

“The partnership with SBI is a testament to our company’s efforts to improve farmers’ confidence in sustainable oil palm cultivation. With no vision of income during the long gestation period, this partnership will help bridge the gap for their financial needs during the early years,” Godrej Sugata Nyogi, CEO of Agrovet, said. Oil palm business.

He further stated that the implementation of the National Edible Oils – Palm Oil Mission (NMEO-OP) has generated a new sense of excitement and momentum in the palm oil industry since its launch in August 2021.

“Being a leading player, we will continue to provide solutions for the expansion and prosperity of the industry,” he added.

Initially launched for palm oil farmers in Telangana, Godrej Agrovet farmers from the states of Tamil Nadu, Odisha, Assam, Manipur and Tripura can now easily avail a ticket size loan from Rs 1 lakh to Rs 50 crore, according to the statement.

“We are delighted to partner with Godrej Agrovet in the nation’s quest to reduce the import of palm oil. With no need for the security of a loan of up to Rs 1.6 lakh, the product is ideal for farmers who are venturing into oil palm cultivation for the first time. With the entire process facilitated by Godrej Agrovet, the farmer can Easily understand product integration and apply for it at the company’s Samadhan centers. We are confident to expand this product to more oil palm growers in our country in the coming months,” SBI AGM ABU Hyderabad KVLN Murthy said.

Godrej Agrovet is India’s largest palm oil processor and works directly with farmers throughout the life cycle of their crop.

With 65,000 hectares of palm oil under cultivation across the country, the company plans to increase cultivation by 1 hectare by 2027.

Through Samadhan Centres, a one-stop solution centre, they provide a comprehensive suite of knowledge, tools, services and solutions to oil palm growers.

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)