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Business EconomyPosted at: May 18 2023 2:38PM


Godrej Agrovet launches finance offering for Indian Oil Palm farmers in partnership with SBI

Hyderabad, May 18 (UNI) Godrej Agrovet’s Oil Palm Business on Thursday announced the launch of first-of-its-kind finance offering for oil palm farmers in partnership the State Bank of India (SBI).
A product jointly developed by the company and country’s leading public sector bank will enable farmers avail loan for setting up micro irrigation facility, set up fencing arrangement to protect from cattle grazing and improvement of tube well at their oil palm farms.
Introduced with an objective of aiding oil palm growth by improving Fresh Fruit Bunches (FFB) productivity, it will act as a catalyst to maintain juvenile gardens during the gestation period of first 5 years.
Sougata Niyogi, CEO, Oil Palm Business, Godrej Agrovet said, “The partnership with SBI is a testament of our company’s efforts to improve farmer’s confidence in sustainable oil palm farming.
With no income visibility during the long gestation period, this partnership will aid bridge the gap for their finance needs during the initial years.”
“The implementation of National Mission on Edible Oils – Oil Palm (NMEO-OP) has generated a new sense of excitement and momentum in the oil palm industry since its launch in August 2021. Being a leading player, we will continue to provide solution for industry’s expansion and prosperity,” he added.
Launched initially for the oil palm farmers of Telangana by Godrej Agrovet, farmers from the states of Tamil Nadu, Odisha, Assam, Manipur and Tripura can now easily avail loan with the ticket-size of INR 1 Lakh to INR 50 Crore.

Commenting on first-of-its kind Horticulture Loan, K.V.L.N. Murthy, A.G.M. ABU Hyderabad, SBI, said, “With no security needed for a loan up to INR 1.6 Lalh, the product is ideal for farmers venturing into oil palm farming for the first time.
We’re confident of extending this product to more oil palm farmers of our country in the coming months,” he added.

Godrej Agrovet is the largest oil palm processor in India and works directly with the farmers for the entire lifecycle of their crop.

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