Malaysian state-backed agribusiness firm FGV to have direct presence in India via JV
KUALA LUMPUR, NNA - FGV Holdings Berhad., a leading Malaysian agribusiness company, agreed to form a joint venture in India with Hyderabad-based Pre Unique India Pvt. Ltd. to conduct market studies and expand businesses in India.
The joint venture will allow FGV, which has previously exported crude palm oil and refined products to India, to directly enter the food products market in India, especially in the South India region, the Malaysian company said in a press release last week on Friday.
“It is also a great opportunity for FGV to create presence along the palm oil value chain in the Indian consumer market with a special focus on fast-moving consumer goods (FMCG) food products,” FGV Group CEO Haris Fadzilah Hassan said in the release.
The joint venture will also offer advisory work and services for agricultural, plantation, and downstream related activities. It will also conduct activities related to agriculture, plantations, food and non-food processing facilities, and consumer goods end-products.
Under the joint venture agreement, FGV Trading Sdn Bhd, a subsidiary of FGV Plantations Sdn. Bhd., which is a wholly-owned subsidiary of FGV Holdings, will hold a 70 percent stake. FGV Holdings was initially incorporated as a commercial arm of the Federal Land Development Authority (FELDA) in 2007.
The remaining 30 percent will be held by Pre Unique India, which provides engineering solutions for palm oil mills, biomass and gasification power plants, civil construction, and all related works.