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KS Oils buys palm plantations in Indonesia

KS Oils has acquired 20,000 hectares (50,000 acres) of Palm plantation in Indonesia.With an investment of Rs 230 crore spread over the next three-years, the plantation will yield 80,000 mt annually. This will substantially bring down the raw material costs for KS Oils that is currently importing palm oil to refine and sell along with its main product of mustard oil in Northern and Eastern India.The investment has been routed through the company's wholly owned subsidiary in Singapore. The plantation yield of 80,000 mt. represents 2.5% of India's current palm oil imports, which today stands at 3.6 mt annually.According to a release issued by the company to the BSE today, this acquisition would also help the company secure raw material supplies and avoid global price volatility."Indonesian palm plantations are among the most efficient and productive plantations across the world and hence our decision to invest, with spiraling commodity and raw material prices, owning raw material source is the right strategy to de-risk in the long term. This is another important step in our global ambitions,” said the company spokesperson.

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