Leading edible oil manufacturer Ruchi Soya Industries today said it has entered into an agreement with the Ethiopian Government for soyabean cultivation.
The company has signed memorandum of understanding with the Ethiopian Government for cultivation of soyabean and processing facilities on 61,775 acres of land on lease basis for a period of 25 years, Ruchi Soya said in a filing to the Bombay Stock Exchange.
However, the company has not disclosed the financial details of agreement.
The land size may increase up to 1.23 lakh acres from the current 61,775 acres depending on the performance, the filing added.
Shares of Ruchi Soya were trading at Rs 96.90 on the BSE, up 1.57 per cent from its previous close.