FGV Holdings Bhd has denied intentions to establish an oil palm processing facility in the southern Indian state of Telangana.
According to the New Indian Express, FGV representatives met with Telangana government officials on Sept 22 to propose the establishment of an oil palm processing unit in Sircilla and other regions of the state.
FGV announced in a statement on Wednesday that it has a presence in India through FGVPU India Private Ltd, a joint venture between FGV Trading Sdn Bhd (FGVT) and Pre-Unique India Pvt Ltd situated in Hyderabad.
FGVT is a subsidiary of FGV Plantations Sdn Bhd, the group stated. FGV Plantations Sdn Bhd is a wholly-owned subsidiary of FGV.
“We would like to state unequivocally that FGVPU India Private Ltd has no plans to establish an oil palm processing facility in Sircilla, India, as has been reported in the news.
“However, our partner Pre-Unique India Private Ltd may be considering establishing an oil palm processing facility in Sircilla,” FGV noted.
The group’s share price increased two sen or 1.49 percent to RM1.36, valuing it at RM4.96 billion.
Published by Zack Baharum