Public CompanyBhoruka to invest $54 mn to set up edible oil unit in Aus
Indian conglomerate Bhoruka Group will invest AUD 63 million ($54 million) in an edible oils and biodiesel facility in Australia.
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The facility, to be set up under a venture called Riverina Oils & Bio Energy (ROBE), will start production in October next year with a capacity to crush and refine 17,0000 tonnes oilseeds per year.
"The project is the biggest Indian-backed greenfield investment ever seen in eastern Australia," ROBE Chairman S N Agarwal, whose Bhoruka Group is a key shareholder in the project, told reporters here today.
In long-term, the plant would also produce up to 75 million litres of biodiesel converted either from refined oil or imported palm oil.
"India is the world"s largest importer of edible oil... That makes the Indian connectivity of this project hugely important, both in terms of the investment and the export market," ROBE founder and MD D D Saxena said.
The Bhoruka Group, which is one of the largest private power producers in India, is also keen to explore the possible use of biomass, such as the residue from Riverina vineyards and citrus orchards or Queensland sugar cane, to generate power.
Saxena said at its full capacity the plant would generate annual revenue of A$150 million with the value of edible oil exports to India and other parts of Asia likely to reach a total of A$100 million in the first five years.