City-based oil palm company, 3F Oil Palm has entered a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh with a significant investment of Rs 550 crore in oil palm cultivation. The investment will cover nursery activities, area expansion, crop maintenance, farmers’ services, fresh fruit bunches collection and handling, R and D facilities, and a green field integrated palm oil processing complex in Ayyavaram village, East Godavari.
The MoU was signed by the Chief Minister of Andhra Pradesh, Y S Jagan Mohan Reddy and Sanjay Goenka, Managing Director and CEO, 3F Oil Palm. Also present were Kakani Govardhan Reddy, State Agriculture Minister, and Gudivada Amarnath, Minister for Industries.