FGV expands palm oil seed market in India


FGV group chief executive officer Datuk Haris Fadzilah Hassan (pic) said Yangambi ML161 possesses distinct characteristics compared to other varieties as it gives a higher percentage of oil extraction and bunch number with medium-sized bunches, making it one of the most preferred seed types in the palm oil industry

KUALA LUMPUR: FGV Holdings Bhd (FGV) is expanding its presence in India’s oil palm seed market by targeting to sell another 1.5 million seeds by 2021 following growing market demand for premium oil palm seeds in the country.

The group said to date, FGV has secured sales of one million oil palm seeds to India through the FGV’s Yangambi ML161 brand, the number one oil palm planting material with a 43% market share in Malaysia.

In a statement yesterday, the group said the latest buyer was FGV Pre Unique, a joint-venture (JV) company between FGV and Pre-Unique Pvt Ltd established to penetrate India’s food products market.

FGV Pre Unique would also act as FGV’s vehicle to expand its seed market in India, mainly in the states of Andhra Pradesh and Telangana, it said, adding that the company secured the one million seed order for its customers in September, four months after the JV was established.

FGV group chief executive officer Datuk Haris Fadzilah Hassan said Yangambi ML161 possesses distinct characteristics compared to other varieties as it gives a higher percentage of oil extraction and bunch number with medium-sized bunches, making it one of the most preferred seed types in the palm oil industry. “I am confident that FGV’s venture in India is the right move for FGV’s future business expansions, ” he said.

Apart from India, he said Yangambi ML161 also caters to the high demand in Indonesia with 1.5 million seeds sold followed by Thailand (0.56 million seeds), Papua New Guinea (0.32 million seeds) and Sri Lanka (0.25 million seeds).

“This proves the superiority and trusted quality of our seed product in the overseas market, ” added Haris Fadzilah. — Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

FGV , palm oil , seeds , India , Yangambi ML161 , Andhra Pradesh ,

   

Did you find this article insightful?

Yes
No

Next In Business News

MARC upgrades QSP Semenanjung’s RM1b sukuk
KLCI remains caught in consolidation
China vows oversight of fintech, financial holding firms
China ramps up tech commitment in 5-year plan
China sets modest GDP growth target as economy improves
Ringgit lower on surging US bond yields
Quick take: BTM rises 5.8% on technical buy
JHM to post earnings growth on recovering demand
Hong Leong Bank props up KLCI amid cautious broader market
Quick take: O&G shares up as crude oil hit 1-year peak

Stories You'll Enjoy


Vouchers