Trimex Industries today said it has signed an agreement with Malaysian firm Felda Global Ventures Holdings Bhd (FGV) for supply and distribution of palm oil in India.
Trimex Group is a leading player of mineral and metal in Asia Pacific. It has presence in India as well.
"Trimex Industries Pvt Ltd has signed an MoU with Felda Global Ventures Holdings Bhd (FGV), Malaysia with the aim to explore potential supply and distribution of various palm oil products to penetrate the Indian market," the company said in a statement.
FGV is the world's third largest oil palm plantation operator and has presence across palm upstream and downstream businesses.
"Being the largest importer of palm oil, India accounts for around 12 per cent of the global palm oil consumption. We aim to be one of the dominant players in the Indian palm oil industry in 5 years, by addressing the prevailing deficiencies in the urban and rural markets," Trimex Executive Director Prashant Koneru said.
FGV Group President and Chief Executive Officer Datuk Zakaria Arshad said that in-line with market expansion strategy, the company is looking at diversifying product offerings to small and medium business and consumer markets.
India imported about 14.5 million tonnes of vegetable oils (edible and non-edible oils) in 2015-16 oil year (November-October).
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