Ruchi Soya in production, processing pact with Ethiopian government
15 Jan 2010
Ruchi Soya Industries, the flagship company of the Ruchi Group, has entered into an agreement with the Ethiopian government for soyabean cultivation and its processing.
Ruchi Soya, the leading edible oil manufacturer in India, said the Ethopian governmet has leased 61,775 acres of land to the company for a period of 25 years for cultivation of soyabean and for setting up processing facilities.
Ruchi Soya has signed a memorandum of understanding (MoU) with the Ethiopian government, the company said in a filing with the Bombay Stock Exchange (BSE).
The company said the Ethiopian government may opt to increase the area under soyaben to 1.23 acres depending on the performance.
The company, however, did not disclose details of the agreement nor the financial terms.
Ruchi Soya Industries, which recently merged sister concerns Aneja Solvex Ltd, General Foods Ltd, Ruchi Credit Corporation, Ruchi Health Foods Ltd, Param Ind Ltd, Ruchi Private Ltd and soya businesses of MP Glychem, is among the top five FMCG players in India, with a turnover of Rs11,915 crore.
