Vitaoils to invest 163 million ringgit in india

Leading Malaysian companies are stepping up overseas ventures, with crude palm oil prices reaching record levels in the commodities market. The latest is MM Vitaoils Sdn Bhd, which is considering a hefty venture in India. The edible oil specialist said it was prepared to invest 163 million ringgit (US$49.8 million) to take its downstream activities to India, which is now emerging as a major edible oil consumer in the world. Crude palm oil prices are hovering at about 3,500 ringgit (US$1,070) per ton in the global market. Malaysia is the second largest palm oil exporter in the world, with 15.82 million tons last year. With its expansion plans, Vitaoils will now join the list of leading Malaysian plantation companies that are slowly breaking into India. Last February, IJM Plantations and its Indian partner Godrej Agrovet signed a memorandum of understanding to grow the crop in two states, in Goa and Karnataka, covering some 9,000 hectares. (June 12, 2008)