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Godrej Agrovet and SBI to launch first-of-its-kind finance offering for Indian oil palm farmers
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Monday, 22 May, 2023, 08 : 00 AM [IST]
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Our Bureau, Bengaluru
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Godrej Agrovet’s Oil Palm Business has launched the first-of-its-kind finance offering for oil palm farmers in partnership with 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 five 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 state, Godrej Agrovet farmers from the states of Tamil Nadu, Odisha, Assam, Manipur and Tripura can now easily avail loan with the ticket-size of Rs 1 lakh to Rs 50 crore.
K.V.L.N. Murthy, AGM. ABU Hyderabad, SBI, said, “We’re happy to partner with Godrej Agrovet in nation’s quest to reduce import of oil palm. With no security needed for a loan up to Rs 1.6 lakh, the product is ideal for farmers venturing into oil palm farming for the first time. With the entire process being facilitated by Godrej Agrovet, a farmer can easily understand product integrities and apply for the same at Samadhan centres of the company. We’re confident of extending this product to more oil palm farmers of our country in the coming months.”
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 hectare of palm oil under cultivation across the country, the company plans to increase cultivation by 1 lakh hectare by 2027. Through its Samadhan centres, a one stop solution centre, it provides a comprehensive package of knowledge, tools, services, and solutions to oil palm farmers. Each Samadhan centre intends to support the planting of 2,000 hectares of oil palm and help farmers achieve a sustained productivity in mature gardens through the use of modern agricultural technologies and expert advice. The partnership with the SBI is another step to boost income and productivity of oil palm farmers.
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