Business Daily from THE HINDU group of publications
Thursday, Jun 25, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Thursday, Jun 25, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Agri-Biz & Commodities
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Oilseeds & Edible Oil Corporate - Overseas Investments K S Oils buys 14,000 ha oil palm plantation in Indonesia Our Bureau Chennai, June 24 K S Oils Limited, an edible oil player listed on the BSE and the NSE, has acquired 14,000 hectares of oil palm plantation in Indonesia for an undisclosed sum through its wholly-owned Singapore subsidiary K S Natural Resources Pte Ltd. With this, the company, based at Morena in Madhya Pradesh, has land assets totalling 34,000 hectares in Indonesia. The current acquisition is adjacent to the 20,000 hectares it bought last year in Jambi province of Central Sumatra. The purchase has been made through a joint venture with a local partner, who has a minority interest of 10 per cent. K S Oils, a prominent player in palmolein and mustard oil market in the country, made the acquisition as part of its backward integration plans. It has set a target of investing Rs 750 crore to acquire and develop oil palm plantations and set up mills in South-East Asia in the next three years. The latest purchase has been financed through the recent equity infusion of Rs 450 crore by three private equity players – New Silk Route, Citi Venture Capital, Barings Private Equity – and the promoters. Of the Rs 450 crore, the company will spend Rs 75 crore to double its Haldia refinery capacity from 500 tonnes to 1,000 tonnes a day. The oil palm plantation acquisition will help K S Oils produce 1.5 lakh tonnes of crude palm oil to meet 50 per cent of the expanded capacity of the Haldia refinery. The palm plantations will start bearing fresh fruit bunches for producing CPO from 2012. On Wednesday, K S Oils gained about 3 per cent on the NSE and the BSE to close at Rs 61.05. KS Oils to begin imports from Indonesia in 4 years KS Oils’ Q3 net rises 33% More Stories on : Oilseeds & Edible Oil | Overseas Investments | New Projects
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