Ruchi Soya, led by yoga guru Baba Ramdev's Patanjali group, plans to start cultivating palm oil in Assam, Tripura and northeastern states. The Patanjali Group took over the oil processor two years ago.
The company has already surveyed the site for palm oil cultivation. This cultivation will be done by agreement with the farmers. Also, Ruchi Soya will set up its own processing units in Assam, Tripura and other northeastern states and palm procurement will be guaranteed.
According to the company, Patanjali's plan is to set up a palm oil plantation in the northeast. For this states that has been seen are Assam, Tripura, Meghalaya, Manipur. The survey is complete. India currently has patches of palm oil plantations scattered in Assam, Tripura, West Bengal, Andamans, Gujarat, Goa, Andhra, Karnataka, Kerala, Tamil Nadu and Maharashtra.
According to PTI, no information has been given as to when yoga guru Baba Ramdev will start oil cultivation. It could be launched after Ruchi Soya's follow-on public offer (FPO), the company is currently in the process of raising funds from investors through FPO. Meanwhile, Patanjali Ayurveda Ruchi is selling a stake in Soya worth Rs 4,300 crore. Baba Ramdev said the money raised from the sale would be used to repay the loan.