Ruchi Soya, Dutch firm in 4.5 m deal

Ruchi Soya, Dutch firm in 4.5 m deal

Ruchi Soya, Dutch firm in 4.5 m deal

Edible oil and soya foods company Ruchi Soya Industries has inked a deal worth €4.5 million with Solidaridad, based in the Netherlands, to scale up sustainable palm production in India.

Under the deal, Ruchi Soya and Solidaridad India would be working with the Indian palm oil farmers training them on sustainable practices to grow more palm oil with less land, water and energy whilst protecting the ecology. Solidaridad would bring in its expertise in sustainable palm oil production from across the world and use technologies to augment water efficiency and sustainable expansion of palm production in India, Ruchi Soya said.
Ruchi Soya will share 55 per cent of the investment and Solidaridad the remaining 45 per cent. The aim of the project over next 4 to 5 years is to make available significant volumes of sustainable palm oil for the Indian market and save at least 1.5 trillion litres of water in palm production and generate major employment in the rural areas. The purpose of this agreement is to set up the first major sustainability intervention of palm oil production in India in a public private partnership mode. As a result, the Indian economy will reduce the outflow of foreign exchange for the import of palm oil, Ruchi Soya said.

“The partnership aims at increasing the productivity and income of Indian farmers in a sustainable way. Our endeavour is to ensure that the Indian farmers get the best quality of inputs and state-of-the-art technology that can help them scaling their productivity to global standards,” Ruchi Soya Industries Founder and MD Dinesh Shahra said.

“I believe this partnership would create a concrete example of how sustainable, commercially viable public-private partnership can enhance the potential of Indian smallholder farmers and workers in rural areas with fewer negative consequences for people and the environment,” Solidaridad Network Asia MD Shatadru Chattopadhayay said.

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