Ruchi Soya eyes buyouts in Africa

“We are looking at African countries like Zambia and Ghana for palm plantations. We bought 25,000-hectares recently in Ethiopia,” Ruchi Soya Managing Director Dinesh Shahra, told reporters.

In view of higher palm oil prices, palm plantation costs have gone up in Malaysia and Indonesia, therefore buying land in these countries is not a lucrative option, he said, adding that the company is considering to go for joint ventures. In July, the company had formed a wholly-owned plantation and processing subsidiary in Singapore under the name of Ruchi Industries Pvt Ltd. The Singapore arm will be engaged in plantation and processing, dealing in agricultural commodities and acquisitions or investments.